Fiesta Restaurant Group, parent company of the Pollo Tropical and Taco Cabana restaurant chains, says it is returning $15 million in PPP loans, according to an SEC filing.
$159.5 million in total revenue in its fiscal 2019 fourth quarter, down from $167.6 million a year earlierShares of Fiesta were up more than 20% in midday trading Wednesday. The company has a market cap of more than $205 million.
The 8-K did not say why Fiesta was returning the money. Fiesta did not immediately respond to a request for comment. JPMorgan declined to comment.was started to get the company to return the money and it received more than 300 signatures. There has been public outrage after it was revealed many publicly traded companies received the loans, with many of them deciding to return the funds.
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