On Monday, Shake Shack said it would return a small business loan it received from the U.S. government to help it through the coronavirus pandemic after it received extra funding late last week.
The burger chain was able to get extra funding late last week through an “equity transaction” and decided to “immediately return” the $10 million paycheck protection loan it obtained through the CARES Act, the Associated Press reported.
“We’re fortunate to now have access to capital that others do not. Until every restaurant that needs it has had the same opportunity to receive assistance, we’re returning ours,” the company said in a statement.
But Shake Shack isn't the only company that was able to access funding under PPP.
Morgan Stanley released a research note outlining other public companies that received funding from the program.
The list includes J. Alexander's Holdings, Fiesta Restaurant Group, Hallador Energy and Potbelly Corp. among others.
So, how can we be assured that the next round of PPP will be allocated to small businesses?
Watch the full video above for Jim Cramer's full take.
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