union square hospitality group publicly traded

the PPP subsidies went to big, high-valued businesses. 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. 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. We will be returning our Paycheck Protection Program loan. Sign up for membership to become a founding member and help shape HuffPost's next chapter. United States. All rights reserved. Reservations are not currently available across USHG. In 1994, he unveiled Gramercy Tavern a few blocks east, followed by Eleven Madison Park in … Turns Out Shake Shack Founder Took At Least $11 Million In Coronavirus Aid After All. Reservations . Both Shake Shack (a company with 189 restaurants in the U.S., employing nearly 8,000 team members) and Union Square Hospitality Group (with … 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. The company instead planned to raise $75 million from investors by selling shares, CNN reported at the time. This time, he’s not giving the money back. Union Square Hospitality Group, with more than 2,000 employees, suspended its business in March. We made it easy for you to exercise your right to vote! Today is National Voter Registration Day! Union Square Hospitality Group's Danny Meyer is now worth about $400 million according to several new reports. 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. 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. "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. ©2020 Verizon Media. 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. At just 27, Meyer opened Union Square Cafe in 1985. Please explore our offerings for pickup and delivery. Union Square Hospitality Group, LLC provides catering and business services. Twelve separate Meyer restaurants received PPP loans, including Blue Smoke, Union Square Cafe and Gramercy Tavern. New York, NY 10003 USHG’s loan was revealed in records released last week by the Treasury Department and the Small Business Administration for all operations that collected more than $150,000 from the $660 billion program, which was created by the coronavirus relief bill in March. The USHG empire also spawned Shake Shack , now publicly traded with a market cap of almost two billion dollars and more than 200 locations. The records released by the SBA on payouts listed ranges of subsidies, not exact amounts. “PPP loans have been one of the few pieces of hope the restaurant industry has been provided in recent months, and so of course we applied.”. 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. So both operations applied for the funds on an individual restaurant basis. If PPP funds are used on certain expenses — including payroll, rent and utilities — they don’t have to be paid back. 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. 6th Floor Though Shake Shack is a publicly traded company with access to capital, money loaned through the PPP to Union Square Hospitality Group, a private … In the year leading to the spinoff—and the coronavirus shutdown—MSG lagged the market. Part of HuffPost Business. The CEO of Union Square Hospitality Group, known for creating fast-casual burger chain Shake Shack and Union Square Cafe, began setting up the … But founder Danny Meyer then scooped up at least $11.4 million for his other restaurant empire, Union Square Hospitality Group. Union Square Hospitality Group laid off about 2,000 people, or 80% of its workforce, in mid-March. Business Insider does the math on … 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 … It collected between $11.4 million to $27 million in PPP funds. Restaurants function as the lifeblood of the U.S. economy and the nation’s spirit. More information from our founder @dhmeyer + CEO @randygarutti here: https://t.co/gXNsO1RfKf pic.twitter.com/tMtVNlY6ou. Meyer told Bloomberg his company received the “lower end” of that. The stocks now trade for a combined $252.58 per share, from a … The Company offers full-scale catering and venue hospitality business, jazz club, and an organizational consulting business services. Like many big companies, both qualified for … Union Square Hospitality Group serves customers in the State of New York. Does this mean we all get free hamburgers? Tap here to turn on desktop notifications to get the news sent straight to you. But founder Danny Meyer then scooped up at least $11.4 million for his other restaurant empire, Union Square Hospitality Group. 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. “The situation for most independent, full-service restaurants in New York City remains dire, largely due to the uncertainty of not knowing when people can get back into our restaurants,” Meyer, one of New York’s most successful restaurateurs, told Bloomberg. Union Square Hospitality Group, LLC provides catering and business services.

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