WOODWAY, Texas – Chip and Joanna Gaines of “Fixer Upper” fame have built an empire that includes tv shows, books, retail and real estate but like so many other business owners, they seem to be dealing with financial repercussions of the COVID-19 pandemic.
Three companies that fall under the Magnolia Market umbrella owned by the famous couple filed for Paycheck Protection Program loans from the Small Business Administration in April.
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PPP loans were requested for Magnolia Flour, LLC and Magnolia FTT, LLC in the amount of $350,000-$1 million. A PPP loan request was also made for Magnolia Kitchen in the amount of $150,000-$300,000. Exact amounts for business loans were excluded from the data released by the SBA.
Magnolia Flour, LLC does business as Silos Baking Co. and Magnolia FTT, LLC does business as Magnolia Table.
Data shows the loans for Magnolia Flour, LLC and Magnolia FTT, LLC were made on April 8, and the loan for Magnolia Kitchen was made on April 9.
The loan requests were made weeks after Gov. Greg Abbott’s March 19 executive order requiring all restaurants to cease in-house operations, while still allowing drive-thru, pickup and delivery options.
Combined, all three Magnolia businesses that requested PPP loans allowed 210 people to retain their jobs, according to the data. The Magnolia Market website lists eight businesses that fall under Magnolia Market, LLC, and loans were requested for three businesses that were impacted by forced COVID-19 closures.
The three loans requested by the Magnolia companies were approved by a lender and the funds must be used for payroll costs, interest on mortgages, rent and utilities to be eligible for full loan forgiveness, according to the SBA.
Magnolia Kitchen, Magnolia Flour, LLC and Magnolia FTT, LLC all fit the criteria for small businesses as they have less than 500 employees and were directly impacted by COVID-19 closures.
Magnolia Table, which records show retained 111 jobs as a result of the PPP loan, opened in 2018 and is known to have two-hour wait times due to its popularity. Current wait times can be found on the restaurant’s website, here.
According to the Magnolia Table Facebook page, the restaurant is now open and offering grab-and-go meals in addition to in-person dining for customers who aren’t ready to head back for the dine-in experience amid the coronavirus pandemic.
KSAT reached out to the publicist for Magnolia Market, LLC Thursday for comment.
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