Apparently Shake Shack raised $150 million in an equity offering yesterday, along with getting the $10 million in PPP loans other small businesses desperately need and weren& #39;t able to get. Seriously?! H/T @HowardWPenney https://twitter.com/firstadopter/status/1251557574316560387">https://twitter.com/firstadop...
Can anyone argue Shake Shack should be partaking in the finite PPP small business loan bucket, if it has access to $150 million in equity capital on Friday?
That was fast. Shake Shack is outraged PPP was underfunded and is now returning the $10 million https://www.linkedin.com/pulse/shake-shack-returning-its-ppp-loan-heres-why-randy-garutti/">https://www.linkedin.com/pulse/sha...
Congrats to everyone on FinTwit all over the Shake Shack controversy. You made a small dent in this world.
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤔" title="Thinking face" aria-label="Emoji: Thinking face"> Shake Shack: "If this act were written for small businesses, how is it possible that so many independent restaurants whose employees needed just as much help were unable to receive funding?"
https://twitter.com/firstadopter/status/1251645211287183362?s=21">https://twitter.com/firstadop... https://twitter.com/firstadopter/status/1251645211287183362">https://twitter.com/firstadop...
"Treasury said borrowers must take into account their ability to access other sources of liquidity. The intent of this money was not for big, public companies that have access to capital,” Treasury Secretary Steven Mnuchin said" https://www.wsj.com/articles/public-companies-have-to-repay-small-business-rescue-loans-11587670442">https://www.wsj.com/articles/...
WSJ News Exclusive | Ruth’s Chris to Repay Federal Small-Business Loan

The steak house chain said it would return $20 million after the Treasury asked publicly traded companies to repay loans from a program meant to aid small businesses hit by the coronavirus pandemic.

https://www.wsj.com/articles/public-companies-have-to-repay-small-business-rescue-loans-11587670442
You can& #39;t make this up. AutoNation& #39;s market cap is $3 billion "(Washington Post) -- AutoNation, a Fortune 500 company that runs a network of auto sellers, received nearly $95 million in federal small business funds, according to internal company documents" https://www.washingtonpost.com/business/2020/04/24/autonation-an-auto-retailer-worth-billions-received-nearly-95-million-sba-funds/">https://www.washingtonpost.com/business/...
AutoNation, an auto retailer worth billions, received nearly $95 million in SBA funds

The $95 million, spread across dozens of locations, is more than triple the amount any company is known to have received through the fund, called the Paycheck Protection Program. The $349 billion...

https://www.washingtonpost.com/business/2020/04/24/autonation-an-auto-retailer-worth-billions-received-nearly-95-million-sba-funds/
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