Relevant:
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- Coronavirus Small business rescue loans: US issues new guidance, pressures public companies to return funds
- PPP: Relief went to hair salons, restaurants, law firms -- and some members of Congress
- Restaurants' bailout problem: Unemployment pays more
- CARES Act PPP Lending Stats: The Bigs Got The Bundle
2020-04-19 — eater.com
Big chains like Shake Shack are reportedly some of the first NYC-based restaurants to receive funds from the Paycheck Protection Program (PPP) -- part of the first federal stimulus package -- that seeks to help small restaurants pay their employees, utilities, rent and other expenses during the ongoing COVID-19 crisis.
The burger chain received $10 million from the federal loan program on April 10, according to its Securities and Exchange Commission filing. And while Shake Shack reportedly has more than 6,000 employees across the country, it still qualifies for this small business loan because the PPP applies to companies that don't hire more than 500 people in one location.
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