Just a few days after Shake Shack execs announced they would immediately pay back the $10 million loan the company received through the Paycheck Protection Program — and days of public pressure to do so — Sweetgreen’s founders are saying they will do the same.
In a post shared on Medium late last night, founders Jonathan Neman, Nicolas Jammet, and Nathaniel Ru revealed that they were another major chain that received a $10 million loan.
“At the end of last week, we were approved for a $10M loan through the program,” they write. “That same day, we learned that the money had run out and so many small businesses and friends in the industry who needed it most did not receive any funds. Knowing that, we quickly made the decision to return the loan.”
As a privately held company, Sweetgreen was not among the list of large chains known to have received a loan, which includes restaurants like Potbelly, Ruth’s Chris Steakhouse, and Brazilian steakhouse chain Fogo de Chão. But in the interest of “full transparency,” the founders say they thought it necessary to share the news.