Legislators urge closure of “Shake Shack” loophole for Covid-19 loans
Who snuck the now-infamous Shake Shack loophole into the CARES Act, allowing publicly traded chain restaurants to receive the relief funding meant for small businesses? Bloomberg reports no one on Capitol Hill will admit to inserting three key words—per physical location—into the massive stimulus bill. Either way, legislators are now calling for a change in rules. On Thursday, the New York Times reports, the Treasury Department updated the Frequently Asked Questions section on its Payroll Protection Program web page to urge “large companies with adequate sources of liquidity” to consider leaving the loans for the little guys.