Reservations are not currently available across USHG. Union Square Hospitality Group laid off about 2,000 people, or 80% of its workforce, in mid-March. Indeed, both Shake Shack and Union Square Hospitality Group needed to make those tough decisions too, furloughing or laying off hundreds of team members throughout our respective companies—one a publicly traded company, the other an independent restaurant group. United States. At just 27, Meyer opened Union Square Cafe in 1985. We made it easy for you to exercise your right to vote! You applied on behalf of Union Square Hospitality Group restaurants, but when multiunit, publicly traded Shake Shack received a $10 million loan, many on social media lashed out at … 24 Union Square East Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. After news of Shake Shack’s PPP loan emerged in April, Meyer and CEO Randy Garutti announced they were returning the money because they didn’t want to gobble up funds for smaller companies. New York, NY 10003 6th Floor Meyer told Bloomberg his company received the “lower end” of that. But as the company he founded 29 years ago continues to grow rapidly, Mr. Meyer does not want to lose the values that have served Union Square Hospitality Group so well all this time. the PPP subsidies went to big, high-valued businesses. Business Insider does the math on … In 1994, he unveiled Gramercy Tavern a few blocks east, followed by Eleven Madison Park in … Sign up for membership to become a founding member and help shape HuffPost's next chapter. In the year leading to the spinoff—and the coronavirus shutdown—MSG lagged the market. So both operations applied for the funds on an individual restaurant basis. Money from PPP was intended to help small businesses, and was earmarked for operations with fewer than 500 employees — which is not applicable to Shake Shack, a publicly traded restaurant chain, or to USHG. Tap here to turn on desktop notifications to get the news sent straight to you. Union Square Hospitality Group serves customers in the State of New York. Turns Out Shake Shack Founder Took At Least $11 Million In Coronavirus Aid After All. Shake Shack made a big deal earlier this year of returning $10 million in taxpayer funds that it had obtained from the federal Paycheck Protection Program to weather the economic crisis caused by COVID-19. Union Square Hospitality Group's Danny Meyer is now worth about $400 million according to several new reports. The records released by the SBA on payouts listed ranges of subsidies, not exact amounts. Shake Shack made a big deal earlier this year of returning $10 million in taxpayer funds that it had obtained from the federal Paycheck Protection Program to weather the economic crisis caused by COVID-19. The Shack Shack — and Union Square Hospitality Group — relief funds are at the heart of complaints that the PPP subsidies went to big, high-valued businesses — rather than to struggling smaller companies, or straight to the masses of unemployed American workers. It collected between $11.4 million to $27 million in PPP funds. Union Square Hospitality Group, with more than 2,000 employees, suspended its business in March. All rights reserved. We will be returning our Paycheck Protection Program loan. Does this mean we all get free hamburgers? But founder Danny Meyer then scooped up at least $11.4 million for his other restaurant empire, Union Square Hospitality Group. If PPP funds are used on certain expenses — including payroll, rent and utilities — they don’t have to be paid back. Like many big companies, both qualified for … Though Shake Shack is a publicly traded company with access to capital, money loaned through the PPP to Union Square Hospitality Group, a private … "After careful consideration, Union Square Hospitality Group opted to apply for PPP loans, taking on the risk in order to hire back laid-off employees as soon as possible," explains the post. Since then, his Union Square Hospitality Group has expanded to nearly 20 restaurants, encompassing Michelin-starred fine dining at The Modern to casual barbecue at Blue Smoke.
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