Over two frantic weeks, the U.S. government pledged US$350 billion to Main Street businesses across America desperate for cash after coronavirus ...
Over two frantic weeks, the U.S. government pledged US$350 billion to Main Street businesses across America desperate for cash after coronavirus lockdowns.
The SBA does not make the loans directly but instead backs loans made by participating financial firms. Some - including the holding companies for well known restaurant chains Shake Shack and Ruth's Chris Steak House - appear to have taken advantage of a provision in the CARES act that allows companies with more than 500 workers overall to get loans.
Texas Taco Cabana operates 164 outlets from Houston to Albuquerque. Fiesta, which also runs a chain of chicken restaurants in Florida and posted US$661 million in sales last year and a net loss of US$84.4 million, employed 10,480 at the end of 2019. It did not immediately respond to an inquiry about the number of employees that would be covered under the loan.
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