Shake Shack Set to Return $10 Million USD from Covid-19 Relief Fund

The $10 million was meant for small businesses.

By
Food & Beverage
3,932 Hypes 4 Comments

In a recent LinkedIn article, Shake Shack CEO Randy Garutti announced that the burger chain would be returning its $10 million USD PPP loan. This news comes shortly after the public outcry criticizing the way the $349 billion USD Paycheck Protection Program (PPP) fund was allocated.

Originally intended to keep small businesses afloat during the current pandemic, many raised eyebrows when large companies like Shake Shack ($600 million USD in sales in 2019) and Ruth’s Chris were awarded millions while small mom-and-pop restaurants took home nothing. In Randy Garutti’s letter, the CEO does address that while they are not a small business, the required criteria for the application was for there to be no more 500 employees per location and that they were not in control of whom was allocated money before the fund ran out. He also reminded the public that Shake Shack operates 189 restaurants in the U.S and employs close to 8,000 staff. Coupled with a decrease in customers, the company was experiencing “operating losses of over $1.5 million [USD] each week.”

As of last Friday, Shake Shack was able to secure additional capital and has announced that the entire $10 million USD would be returned. Many are still calling it a PR stunt for getting called out, while others are just happy to see the funds go towards businesses with lesser means. With another $300 billion USD on the way for the Paycheck Protection Program, one can only hope it finds its way to those in dire need.

In other food news, IKEA releases recipe for its famous Swedish meatballs.

Read Full Article

What to Read Next

"Hell Yeah" Marks RHUDE's Latest RHECESS-HI Release
Footwear

"Hell Yeah" Marks RHUDE's Latest RHECESS-HI Release

Accented by distressed flair.

NILMANCE Delivers Convertible Techwear for SS20
Fashion

NILMANCE Delivers Convertible Techwear for SS20

Employing Schoeller c_change and 3XDRY technologies.

Vibbar Enlists Kojey Radical and Sam Wise for "Rollin' My Sheets"
Music

Vibbar Enlists Kojey Radical and Sam Wise for "Rollin' My Sheets"

A laidback offering from the trio.


Pop Smoke Posthumously Earns First Platinum Record For "Dior"
Music

Pop Smoke Posthumously Earns First Platinum Record For "Dior"

Selling over 1 million units in the United States.

Futura and Modernica Tease Home Furniture Collection
Design

Futura and Modernica Tease Home Furniture Collection

Featuring seating, storage, and home plant accessories.

Zacari Offloads New Singles "Edamame" & "This Woman's Work" Ft. Che Ecru
Music

Zacari Offloads New Singles "Edamame" & "This Woman's Work" Ft. Che Ecru

As part of TDE Fan Appreciation Week.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.

Help Support Us

We need ads to keep the lights on and to continue providing free news to our readers. We’d appreciate your support by whitelisting HYPEBEAST on your ad blocker. That way you can keep reading all the great stories for free.

If you have already whitelisted us, simply refresh this page. To find out how to whitelist us, click the button below.

Back

Add Us to Whitelist

We appreciate your support in allowing HYPEBEAST ads. Most ad blockers have similar whitelisting steps and settings. If you need assistance, please contact us.

Adblock Plus

  1. Click on the red ABP icon in the upper right corner of your browser.
  2. Click “Enabled on this site” to disable ad blocking for the current site. In Firefox click “disable on HYPEBEAST”.
  3. Refresh the HYPEBEAST page that you were viewing.

Adblock

  1. Click the AdBlock hand icon.
  2. Click “Don’t run on pages on this domain”.
  3. A new “Don’t run AdBlock on…” dialog may be displayed in the middle of the screen.
  4. Move the “Site” slider to the right. After that, click “Exclude”.
  5. Refresh the HYPEBEAST page that you were viewing.

uBlock

  1. Click the uBlock icon.
  2. Click the large blue “power” button in the menu that appears to whitelist the current website.
  3. Reload the HYPEBEAST page that you were viewing.

Firefox Browser

Firefox Tracking Protection may activate our whitelist notice, which can be disabled temporarily for a browsing session by clicking the shield icon in the URL bar and following the instructions.

Disconnect

  1. Click the Disconnect icon.
  2. Click “Whitelist site”.
  3. Refresh the HYPEBEAST page that you were viewing.