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Shake Shack returning $10m government loan meant for small businesses
GreenRiverGatorz
Member Posts: 10,147
Randy Garutti, Shake Shack's CEO, said the company pursued the loan because the law stipulated that it was open to any restaurant location with no more than 500 employees — which describes Shake Shack's 189 individual U.S. restaurants.
I don't know if the law actually specified "location". If it did, that's some of the most fucking stupid language ever inserted into a piece of legislation.
But regardless of what the law said, it's ridiculous that the CEO thought for even a second that his public $1.6B company was intended to benefit from the program. But it's even more ridiculous that Congress and the Treasury were so fucking stupid that they gave next to no oversight to the banks in doling out these loans. Incompetent doesn't even begin to describe it.
https://www.google.com/amp/s/www.nbcnews.com/news/amp/ncna1187541
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Otherwise, they are not going to like what will be coming down the pike relative to regulations. When this is all said and done, there will be head-hunting and big bidness is a long-time favorite target of the left.
The hospitality industry has argued that restaurant and hotel chains operate in the same environment as smaller competitors, and won an exemption in the stimulus legislation that says “any business concern that employs not more than 500 employees per physical location of the business” and is in the restaurant, hotel and camping industries would also be covered by the loan program.
The meaning of the provision wasn’t clear even to some lawmakers who shaped the legislation. Staffers for Sen. Marco Rubio, the Florida Republican who chairs the Senate Small Business Committee and pushed for favorable treatment for restaurants, told The Wall Street Journal two weeks ago that owners of multiple restaurants or hotels wouldn’t get more than a $10 million loan. That didn’t turn out to be the case.
kidscompanies for taking the free money when it's dangled in front of them. I blame the legislators and bureaucrats who willfully looked the other way and let this happen.But the cult of political colors will make that very unlikely. Frisco will vote Pelosi back in, Seattle will vote Cantwell and Murray back in, same as it ever was.