Over two frantic weeks, the U.S. government pledged $350 billion to Main Street businesses across America desperate for cash after coronavirus lockdowns.
Loans of $2 million or more made up nearly 28% of the total, and those of at least $5 million accounted for 9%, with a number of those going to companies with access to public securities markets.
The exemption allows for businesses in the accommodation and food services industry to participate so long as they do not exceed 500 employees per physical location. Texas Taco Cabana operates 164 outlets from Houston to Albuquerque. Fiesta, which also runs a chain of chicken restaurants in Florida and posted $661 million in sales last year and a net loss of $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.
Hallador employed 768 as of February 2020, its filings showed. It did not immediately respond to an email seeking comment.With the PPP funds depleted as of this week, further aid has stalled in Congress amid a partisan dispute over support for state governments and hospitals.
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