Shake Shack returns $10 million PPP loan meant for coronavirus-hit small businesses

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“The ‘PPP’ came with no user manual and it was extremely confusing,” Shake Shack’s founder and CEO said in an open letter. Shake Shack, the fast-food burger chain worth over $1.6 billion, has decided to return the $10 million Paycheck Protection Program (PPP) loan that it was awarded after it applied for emergency funds that were aimed at helping small businesses through the economic effect of the COVID-19 pandemic. The PPP program originally set out $349 billion for small businesses, but all the funds ran dry last week . Read Full Story

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PPP rules are changing: What you need to know about the revamped Paycheck Protection Program

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The Biden administration just made it easier for very small businesses and self-employed workers to get more money in less time. The Biden administration has announced that the popular Paycheck Protection Program (PPP) will see some rule changes starting on Wednesday, February 24, reports CNN. These changes are an attempt to help make PPP loans fairer and easier to obtain for minority-owned and very small businesses. Read Full Story

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