Restaurant chain Fogo de Chão, supported by private equity funds, to receive $20 billion in small business loans

US President Donald Trump , with Administrator of the Small Business Administration Jovita Carranza, US Secretary of the Treasury Steve Mnuchin, and Senior Adviser to the President Ivanka Trump, speaks on small business relief in the Roosevelt Room of the White House in Washington, DC on April 7, 2020.

The U.S. Small Business Administration saw a crush of business owners applying for loans in early April as states across the country required storefronts to shutter in response to the threats posed by the spread of the virus. On Tuesday, the Senate tookto approve a replenishment of PPP after the money intended for distribution by the SBA ran out.

Fogo de Chão operates restaurants in a handful of countries, with 42 locations in the U.S. After launching in Brazil in 1979, the chain began expanding to other locations in the mid-1980s and was sold to the private equity firm Rhône Capital in 2018, according to. A year earlier, Fogo de Chão reported an estimated $288 million in annual revenue in filings with the U.S. Securities and Exchange Commission.

In response to the outcry over the chain's acceptance of PPP funding, CEO Barry McGowan defended the decision to accept the loans, telling theNewsweekIn addition to small business owners across the country expressing frustration over roadblocks they encountered in securing PPP loans, Fogo de Chão and other businesses that did receive approval for their loan applications have been criticized.

Shame

Hope thats a typo....20 Bs

Assholes. I'd like to see a list of large chains that received 10s of millions of dollars so I know where NOT to go, ever.

Despicable

Million

thatGranolaGirl Which is it? 20 Billion (as stated in your tweet) or 20 Million (as stated in the article). C’mon, Newsweek.

Bottom line: Money is NOT falling from the Sky! Someone in this CORRUPT ADMINISTRATION is facilitating with the help of the Banks!

Shameless

Oh, this is getting good.....🕵🏿‍♂️

realDonaldTrump you have to explain lots of things.

FakeNews. There’s no way they’re getting any BILLIONS... 🙄

Wow the shrimp cocktail is expensive

Hmmm. Originators of that restaurant are from South America.....and they're getting billions instead of hard-working small business owners who slave away 50+ hrs a week!! WTF Why isn't Hannity all over this? realDonaldTrump JoeBiden

Fogo? Lol fogoislandinn VOCMOpenline

Typo

Hey y’all do understand there is a H-U-G-E difference between $20 Million and $20 Billion right? No business is getting $20 Billion....

Greed is the root of all evil, especially in this broken country.

Correct your typo!

Billion?!

Surely that's a typo. $20B? Really?

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Petition demands Ruth's Chris return coronavirus stimulus loan - Business InsiderMore than 150,000 people have signed a petition calling for Ruth's Chris Steakhouse to return $20 million in loans meant to help small businesses Ty jo, takova petice, aby se vratila dotace na toustak a penize se dali na najem OSVC a malym. milionchvilek ? Rat bastards.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Bipartisan deal reached on small business coronavirus reliefSenate Majority Leader Mitch McConnell announced his support for a bipartisan deal to deliver more coronavirus relief to small businesses and hospitals The $484 billion deal, struck by congressional Dems and Republicans with the Trump admin, centers around refilling the depleted Paycheck Protection Program, but it also includes some Democratic priorities like hospital funding and coronavirus testing Oh look it is Stupid & Grift redistributing taxpayer money yet again to the lucky few and telling others to take $1200 for the duration and shut up. Are they going to do more WatchMeEatCake pics and vids? What if any special concessions were agreed upon this time, now that the NY museums are funded?
Source: politico - 🏆 381. / 59 Read more »

Senate reaches deal on more funding for small business loans, Schumer saysCongressional leaders reached an agreement with the White House to provide more money for small business loans, hospitals and COVID-19 testing. How the FUK does $250 Billion become $460 Billion a week later?
Source: latimes - 🏆 11. / 82 Read more »

Harvard says it didn't get small-business aid, contrary to Trump's claimHarvard says it received funds intended for higher education institutions, not funds for small businesses grappling with the coronavirus crisis. swamp Good. Shut it down. Poor Harvard :(
Source: latimes - 🏆 11. / 82 Read more »