A $1.75 million PPP payment allowed the nonprofit to pay its staff through April and May even though they weren’t working. But most of them had to be laid off on June 27 after the PPP funds ran out. The total amount they received, over $100 million, is still a small fraction of the $670 billion in PPP funds that have been issued. Shake Shack decided to return $10 million in PPP funds for which it was approved, then raised about $150 million in an equity offering the same week. Another concern voiced by small-business advocates is the difficulty getting funds for minority-owned businesses, despite outreach efforts by the SBA.

Source: Washington Post December 11, 2020 12:05 UTC