April 30, 2020

In an interview with CNBC, Partner Neil M. Barofsky described how the design of the Paycheck Protection Program allowed large companies like Shake Shack to initially get loans while smaller companies did not. The banks, he noted, were just following incentives laid out in the program.  “At the end of the day, this program will be judged on how many people are kept at work.  But, when it comes to government programs, bailouts and stimulus, over and over it’s the big companies and the most well-connected that benefit and the smaller guys that suffer,” he said.