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Customers wait for to-go orders outside Shake Shack in Miami Beach, Florida, on Saturday. Photo: Cliff Hawkins/Getty Images

Shake Shack will return its entire $10 million Paycheck Protection Program loan from the federal government that it received as part of the coronavirus stimulus bill, the burger chain's leaders said in a LinkedIn post Sunday night.

Why it matters: The New York-based firm was among several restaurant chains to attract criticism for taking the loan, designed to protect small businesses from the fallout of lockdowns and other restrictions aimed at curbing the spread of COVID-19.

What they're saying: "The "PPP" came with no user manual and it was extremely confusing," said Danny Meyer, Shake Shack's founder and CEO of its parent company, Union Square Hospitality Group, and Shake Shack CEO Randy Garutti in the statement.

  • "Shake Shack was fortunate last Friday to be able to access the additional capital we needed to ensure our long term stability through an equity transaction in the public markets," they continued.
  • "We're thankful for that and we've decided to immediately return the entire $10 million PPP loan we received ... so that those restaurants who need it most can get it now."
"We now know that the first phase of the PPP was underfunded, and many who need it most, haven't gotten any assistance. ... Our people would benefit from a $10 million PPP loan but we’re fortunate to now have access to capital that others do not. Until every restaurant that needs it has had the same opportunity to receive assistance, we're returning ours."

What he's saying: When asked about big publicly traded firms being deemed eligible for PPP funds, President Trump noted at Sunday's briefing that "a lot of times they’re owned by franchisees, where they own one or two places, so a lot of that would depend on what the formula is."

Go deeper: Shake Shack founder Danny Meyer discusses the decision on Axios Pro Rata Podcast

Go deeper

Biden pledges to cut greenhouse gas emissions by up to 52% by 2030

U.S. President Joe Biden seen in the Oval Office on April 15. (Photo by Doug Mills-Pool/Getty Images)

The Biden administration is moving to address global warming by setting a new, economy-wide greenhouse gas emissions reduction target of 50% to 52% below 2005 levels by 2030.

Why it matters: The new, non-binding target is about twice as ambitious as the previous U.S. target of a 26% to 28% cut by 2025, which was set during the Obama administration. White House officials described the goal as ambitious but achievable during a call with reporters Tuesday night.

Exclusive: Chauvin trial prosecution worked with strategic communications firm

People gather at the intersection of 38th Street and Chicago Avenue to celebrate the guilty verdict in the Derek Chauvin trial on April 20, 2021 in Minneapolis, Minnesota. Photo: Brandon Bell/Getty Images

For most of the past year, a strategic communications firm with deep Washington ties has played an integral role for the prosecution in the State of Minnesota v. Derek Chauvin — operating without pay and so under-the-radar that most of its own staff had no idea.

The big picture: Finsbury Glover Hering — formerly known as the Glover Park Group — has been conducting media monitoring and analysis as part of legal team special prosecutor Neal Katyal's vision for a three-pronged "modern appeal/trial strategy."

World leaders brace for historic Trump Facebook ban decision

Illustration: Aïda Amer/Axios

The upcoming decision from Facebook’s independent Oversight Board on whether to uphold or reverse Facebook’s indefinite suspension of former President Trump’s profiles has policymakers on edge.

Why it matters: The decision will set a historic precedent for how the tech giant treats accounts of world leaders, and could be a litmus test for the board’s power.