Read on Twitter
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't able to get. Seriously?! H/T @HowardWPenney https://twitter.com/firstadopter/status/1251557574316560387
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/
Congrats to everyone on FinTwit all over the Shake Shack controversy. You made a small dent in this world.
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/firstadopter/status/1251645211287183362
"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
You can't make this up. AutoNation'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/
