While the new $350 billion Paycheck Protection Program is aimed at businesses with 500 or fewer employees, big restaurant and hotel chains can participate regardless of how many people they employ
Shake Shack Inc. hardly seems like a small enterprise, with 7,600 employees, about $500 million in annual revenue and net income last year of $24 million. Even so, it plans to apply for a new government-guaranteed small-business loan.
The New York-based fast-food chain says it needs the help to get through the new coronavirus pandemic. Many of its roughly 140 company-owned U.S. stores are in high-traffic urban areas now largely shut down by the virus. Sales are down 70% on average, the company said, and it has furloughed...
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