Shake Shack Inc will return the small business loan it received from the U.S. government, the burger chain's chief executive said on Monday, making it the first major firm to hand back money aimed at helping small businesses ride out the coronavirus impact.
The company will immediately return the entire $10 million SBA loan as it was able to raise additional capital, CEO Randy Garutti and founder Danny Meyer said in a blog post on Monday.
Last week, it raised about $150 million in an equity offering. Low-paid workers in the retail, restaurant and hotel industries have been among the hardest-hit by the coronavirus pandemic.