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“After we discovered out the funds from the plan had been depleted, we repaid the loan so that financial support would be directed to these most in need,” the team stated in a statement. So the chain applied and got a $10 million loan from the SBA, prompting a public outcry, particularly just after mounting proof that quite a few smaller sized restaurants who required the dollars weren’t capable to get loans. The business, which has $104 million in money and liquid assets, mentioned it had secured other loans to cover the cash that would have come from the SBA. The PPP was created to allow any company with less than 500 personnel to get the loans. But various larger businesses that operate with fewer employees in separate locations, below a franchise model, also applied and received loan revenue. Shake Shack, for instance, employs nearly 8,000 persons at its 189 U.S. restaurants, but only around 45 in every place.
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A check of Florida’s Division of Corporations database would have revealed the corporations had just been reinstated. The addresses listed for the two businesses, according to SBA loan data, also do not match the addresses in the state’s corporation records—yet a further sign of possible fraud. Very first Home Bank approved the $eight.4 million loan, among the significantly less than .1% of Paycheck Protection Plan loans this massive or larger (the maximum is $10 million).
