Shake Shack Inc. is returning a $10 million loan that the company received through the Paycheck Protection Program established by the CARES Act. Shake Shack, a publicly traded company (NYSE: SHAK) with more than 8,000 employees, was able to qualify for the small business loan through an exception that was given to companies in the restaurant and hotel industry. On April 17, 2020, Shake Shack announced in an SEC filing that the company would be selling shares with the goal of raising up to $75 million. According to the company, “Shake Shack was fortunate last Friday to be able to access the additional capital we needed to ensure our long-term stability through the public markets.”
https://www.wsj.com/articles/shake-shack-to-return-10-million-coronavirus-stimulus-loan-11587385439
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