1851

On Monday, fast-casual burger chain Shake Shack announced it would return a $10 million loan it received from the “Paycheck Protection Program,” the Small Business Administration’s emergency relief effort, which lapsed last week before many small businesses were able to apply for their share of the program’s $350 billion in funding.<a href="https://www.linkedin.com/pulse/shake-shack-returning-its-ppp-loan-heres-why-randy-garutti/?trackingId=BWupDJTzTFqiyxnIBwjQAQ%3D%3D&utm_source=1851franchise.com&utm_medium=article&utm_campaign=shake-shack-will-return-10-million-stimulus-loan-2712861" target="_blank" rel="nofollow">In a post on LinkedIn</a>, Shake Shack CEO Randy Garutti and Chairman Danny Meyer wrote that the brand secured enough additional funding last week to return it’s entire PPP loan “so that those restaurants who need it most can get it now.”The decision comes after widespread uproar over the PPP’s funding and rollout, which many said favored larger businesses. On Thursday, President Trump announced that, after just two weeks, the program had already exhausted its funding, leaving many businesses that did not have the resources or legal support to maneuver the application process out of luck.In the same post, Garutti and Meyer urged Congress “to ensure that all restaurants no matter their size have equal ability to get back on their feet and hire back their teams.” He recommended the following steps.<blockquote><ul><li>Fund it adequately. It’s inexcusable to leave restaurants out because no one told them to get in line by the time the funding dried up. That unfairly pits restaurants against restaurants. This industry rises and falls together. And if there is a concern that once again the government will have not allocated adequate funding, then send business to the front of the PPP line which has more limited access to outside funding.&nbsp;</li></ul>&nbsp;<ul><li>Assign to each applying restaurant a local bank that will be responsible for executing the loan assuming the restaurant has satisfied eligibility requirements. Too many restaurants have been left out of the program simply because they lacked a pre-existing banking or loan relationship.</li></ul>&nbsp;<ul><li>Eliminate the arbitrary June forgiveness date for PPP loans. This virus has moved in waves with a different timeline in different parts of our country. Instead, make all PPP loans forgivable if an adequate number of employees are rehired by a minimum 6 months following the date that a restaurant’s state (or city) has permitted a full reopening to the public.</li></ul></blockquote><a href="https://www.linkedin.com/pulse/shake-shack-returning-its-ppp-loan-heres-why-randy-garutti/?trackingId=BWupDJTzTFqiyxnIBwjQAQ%3D%3D&utm_source=1851franchise.com&utm_medium=article&utm_campaign=shake-shack-will-return-10-million-stimulus-loan-2712861" target="_blank" rel="nofollow">Read the full post on LinkedIn</a>.

Shake Shack Will Return $10 Million Stimulus Loan

1851 Franchise

The fast-casual chain received its Paycheck Protection Program loan before the program’s funding was exhausted last week.

shake-shack-will-return-10-million-stimulus-loan

New U Women's Clinic & Aesthetics

image of New U Women’s Clinic & Aesthetics employees and franchise

How New U Is Redefining Women’s Health, Offering a Scalable Franchise Opportunity as the Next Big Category Creator in the $21 Billion Med Spa Industry

womens-health-wellness-franchise-new-u

image of New U Women’s Clinic & Aesthetics Founder and CEO Dr. Rachel Fidino

The Void in Women’s Health, Solved By a Two Time Cancer Survivor: How New U Built Care that Didn’t Exist and is Eying National Franchise Expansion

new-u-womens-clinic-consumer-positioning

SweatHouz

SweatHouz Expansion - Tribeca Opening and 12 NYC Franchise Units - 1851 Franchise

SweatHouz Franchise Expands Into New York City With 12-Unit Development Agreement Across Manhattan and Brooklyn

sweathouz-new-york-tribeca-expansion

DoodyCalls

How This Family Built a Fast-Growing DoodyCalls Business in Greensboro, North Carolina

families-in-franchising-robert-thomas-doodycalls-greensboro

Sparkle Squad Window Cleaning Services

Sparkle Squad Franchise - Ryan Fraser - Franchisee Feature - 1851 Franchise

Commercial Real Estate Veteran Leverages Commercial Work To Grow Sparkle Squad Franchise

sparkle-squad-franchise-new-jersey-ryan-fraser

Buying a Franchise Masterclass

 Franchise Opportunities

Get Support Buying a Franchise

How to Buy a Franchise White Paper

How to Buy a Franchise

How to Sell Franchises

How to Grow a Franchise

Find a Franchise Supplier

1851 Franchise Opportunities

Franchisor News

Franchisor Power Rankings

FranCamp Mastermind Summit

Franchise Development Website Builder

Franchise Resources

Website Awards

Power Rankings

About 1851

Advertise on 1851

Contact 1851 Editorial

Terms of Use

1851 Login

GROWTH CLUB LOGIN

facebook

instagram

twitter

linkedin

youtube

Hardee's Franchise - ARC Burger Lawsuit - 1851 Franchise

Hardee’s Lawsuit Targets Franchisee as 77 Restaurants Prepare to Shut Down

hardees-franchise-closures-arc-burger-lawsuit

Domino's Franchise - North Pole - Dec 2025 - 1851 Franchise

Domino’s Pizza Brings Delivery Cheer to North Pole, Alaska

dominos-pizza-franchise-north-pole-alaska

California Pizza Kitchen’s Sale Is the Latest in the Era of PE-Backed Turnarounds in Franchising

california-pizza-kitchens-sale-is-the-latest-in-the-era-of-pe-backed-turnarounds-in-franchising

Buying a fitness franchise, people exercising

Boutique vs. Big Box Gym Franchises: Which Offers Best ROI in the $7 Billion Fitness Market?

buy-fitness-franchise-boutique-big-box-comparison

Pieology Pizza Enters Chapter 11 Following Costly Bid To Save Struggling Stores

pieology-pizza-files-chapter-11-bankruptcy

Paris Baguette Welcomes Zac Sulma as New Chief Operating Officer

new-coo-zac-sulma

AI-related job cuts, October U.S. job cuts, American job cut record

AI-Fueled Layoffs Reshape the U.S. Job Market — And Highlight Franchising’s Resilience

ai-job-cuts-franchising-path-forward

As Starbucks and Dunkin’ Navigate a Changing Market, New Coffee Players Keep Gaining Ground

starbucks-dunkin-franchise-coffee-market-trends

Senior Entrepreneurship - Franchising - 1851 Franchise

Senior Entrepreneurship Is Rising — And Franchising Is a Key Outlet

senior-entrepreneurship-franchising-silver-startups

Do You Qualify? A Look at the Chick-fil-A Franchise Requirements

do-you-qualify-a-look-at-the-chick-fil-a-franchise-requirements

The Top 15 Pet Supplies and Retail Franchises for 2025

the-top-15-pet-supplies-and-retail-franchises

Scenthound Franchise Costs, Fees, Profit and Data for 2025

scenthound-franchise-costs-fees-profit-and-data

Christmas Decor Franchise Costs, Fees, Profit and Data for 2025

christmas-decor-franchise-costs-fees-profit-and-data

Ellianos Coffee Franchise Costs, Fees, Profit and Data for 2025

ellianos-coffee-franchise-costs-fees-profit-and-data

1851 Franchisee Spotlight graphic with photo of Eli Cohen, Layne's Chicken Fingers logo

Shake Shack Will Return $10 Million Stimulus Loan

MORE STORIES LIKE THIS