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General News    H3'ed 4/20/20

Shake Shack returns $10M gov't loan meant for small businesses

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Shake Shack, one of several large restaurant chains that got federal loans through the coronavirus stimulus law meant to help small businesses, said  that it is giving all $10 million back. The NY-based burger company is among more than a dozen companies with annual revenues in the hundreds of millions that are reported to have received money from the Paycheck Protection Program, or PPP. The loan program set aside $349 billion in the stimulus law called the CARES Act to help small businesses keep their workers on the payroll. Less than 2 weeks after it started, the program ran out of money. 'We now know that the first phase of the PPP was underfunded, and many who need it most, haven't gotten any assistance,' Shake Shack founder and CEO wrote, urging Congress to ensure that 'all restaurants no matter their size have equal ability to get back on their feet and hire back their teams.'

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Meryl Ann Butler is an artist, author, educator and OpedNews Managing Editor who has been actively engaged in utilizing the arts as stepping-stones toward joy-filled wellbeing since she was a hippie. She began writing for OpEdNews in Feb, 2004. She became a Senior Editor in August 2012 and Managing Editor in January, (more...)
 

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