A relief fund for small businesses amid the coronavirus crisis has wound up helping companies with thousands of employees and past regulatory run-ins.
Shake Shack and other big publicly traded firms got funds before the Paycheck Protection Program — aimed at rescuing small businesses — ran out of money.Five of the companies AP identified were previously under investigation by financial and other regulators, including firms that paid penalties to resolve allegations.
Without that loan, “we would most certainly be forced to reduce headcount. We owe it to our employees — who’ve stuck with us through a long and difficult turnaround — to do everything we can to save their jobs during this crisis,” company spokesman Bob Wientzen wrote in an email. Chief executive Ian Dickinson said his company wouldn’t have folded without the $1.9 million loan it received. But, he said, he welcomed the money and would’ve had to let go more employees than he already has without it.
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