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Shake Shack to return $10 million stimulus loan

Shake Shack

Shake Shack has announced that it will be returning the $10 million loan it received from the US government as a part of the Paycheck Protection Program for small businesses.

The move comes after officials announced that the $349 billion stimulus package ran out of funding last week and the media revealed that much of the money set aside for small businesses, actually went to chain restaurants, hoteliers, and publicly traded corporations.

The restaurant chain announced in an open letter Monday, that they were returning their share because they are “fortunate to now have access to capital that others do not.”

According to reports, the company expects to be able to raise up to $75 million from investors by selling shares.