Fogo de Chão To Receive $20 Million In Small Business Loan


Among those issues: Some of the money was sucked dry by entities that a program for small businesses probably shouldn't be helping out to begin with. Mnuchin has encouraged other companies that "may have not been clear in understanding the certification" to do the same, and he's also said companies that took funding and didn't really need it could be "subject to investigation". Martha McSally, R-Ariz, recently tweeted.

The Brazilian steakhouse chain Fogo de Chão is one of many large companies approved for small business loans through the Paycheck Protection Program earlier this month.

Other companies that walked away with small business loans include coal miner Hallador Energy ($10 million), windmill maker Broadwind Energy ($9.5 million) and pharmaceutical company Wave Life Sciences, whose parent company is based in Singapore ($7.2 million). The data exposure affects only applicants for EIDL loans, not Paycheck Protection Program loans, the representative said.

A second round of funding may be soon available, if approved by Congress. There would be $100 billion for health care, with $75 billion to hospitals and $25 billion to boost testing for the virus, a key step in building the confidence required to reopen state economies.

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This means that anyone with tickets for a show that is rescheduled or postponed for a later date will be unable to get a refund. As COVID-19 continues to spread, it is unclear when concerts, sports, and other events will resume.

An SBA official refused to provide a timeline for the new funds to be released, but noted that the foundation of the program is already up and running, apparently meaning that a change would happen fairly seamlessly. Small-business owners in all 50 states are eligible for $10,000 advances on the loans as part of the COVID-19 relief package enacted last month. "Many of these companies are stuck in limbo waiting for this additional funding".

More information on EIDL and PPP loan programs can be found at the NAHB website and with the Small Business Administration.

In response to the outcry over the chain's acceptance of PPP funding, CEO Barry McGowan defended the decision to accept the loans, telling the Wall Street Journal, "The scale of our business doesn't matter". OED has received numerous reports of scammers posing as either lenders or third-party providers offering to assist businesses with their federal Small Business Administration (SBA) loan applications.