August 2021 ISSUE
Greetings NACOC Families!

Welcome to Amazing August! It's the month of Leo's! Personalities like Neil Armstrong to Barak Obama share this birthday month. August born Michael Jackson transformed the world through his music, and Martin Luther King revolutionized America through his 'I have a dream' speech in the month of August. Yes, August is the month of leaders and inspirers. Are are you one too?
Story that Inspirers
For this special edition, we are sharing a story of an inspiring personality from our community who has started his journey as a F1 student and took the steering wheel of his life towards becoming a MBA, a developer, a manager, CIO, CEO, and later buying the entire company and becoming the sole owner of the FDMS holdings which has established it's name in the software industry since 1980's, along with many other influential roles as an inspiring entrepreneur.
Let's meet Mr. Santosh Chaudhary, the business man, the owner of C-stores, gas stations, real estate investor, mentor, father, and the CEO of FDMS holdings.
As a business-person, you wear multiple hats of success. Please briefly tell us about yourself. What area do you find most fulfilling?
I do not know if I wear a multiple hats. But one think I know that if you work hard no one will stop the success. I can also say there are many people like me. If I have to separate the people of the world in 2 groups then it would be 80%/20%. Which is well accepted by the world? I think I can categorize myself to be 80% side of the fence. I think you or most of the reader will fall into that group. But I have always tried to be on the top side of the 80%. And if you are successful then yes you are successful in your life.
Yes I have done many things since I came to US. I arrived in US on August of 1997 as student Visa. And I was going to college and I started working in Gas station. But because of the back ground I wanted to be in restaurant side. And I was exploring my option while working in gas station. And I started my first business in December of 97 at Steak Hut. I did not bring money from Nepal to do the business but found the kitchen and rented in the evening for $1000 all included. This restaurant was only serving lunch and therefore I got best deal I could at that time. And for some family reason I went to Nepal for good in year 2000, and came back again in the same year. I started working in a gas station and started exploring for the option and can able to open my business in 2001 a full service Cherries Pizza & Grill Restaurant. This did not go well and had to close in 2002 and graduated from Collin county community college. I leased a gas station and started in year 2002, and made some money and the landlord kicked me out from the location because the business was booming, and then found one in year 2003. And I was going to college and doing the business at the same time. In 2004 I earned Bachelor Degree in Information system technology from Amberton University. I acquired the second gas station on 2005. And in 2006 I earned MBA in Strategic leadership. Up-until that I was not in a need of green card but I started realizing that I need one. So went to lawyer to find out about the options and was told to get sponsor from employer. And started exploring and I found one IT consulting and when I went for first meeting, I saw there is lots of money on it. I joined that company but started thinking how I can be like my employer and started an IT company in 2007. I left the consulting job and started giving full time in My IT Company, found out it will be hard to get a green card from your own company then went to find a Job in FDMS holdings LLC as BI developer. At that time I still have gas station and IT Company. I left My IT Company in 2008. Started working for FDMS.
I got the green card in 2010. I also started investing in real state part time. And in FDMS side I grow from developer to manager to CIO and CEO of the company. In 2015 I team up with Jake Johnson and bought the FDMS. And in 2019 I became sole owner of the FDMS holdings.
-Why entrepreneur? What inspired you?
 I think Salary is drug that once you addicted you are done. And I don’t want to get it addicted. Also I want to sign my own pay check rather than someone else signing for me. My family back ground and the way I grew up is inspired me.
 -One thing I wished that I knew 10 years ago.
Getting out of comfort zones. Having the green card or working for papers to get it earlier. Spending money for professional consulting.
 - 2 tips for aspiring entrepreneurs? Message for young generation.
Try to be really good at one area and replicate multiple times.
-Suggestion for Gas-station/C-store holders.
Never scared that what happened if this employee quit on you. The maximum it can happen is closed your store for few days I know you will find one. Try to hire locale matured person as dependent employee and part timers can be any.
-Fun thing about me.
Being among people/exploring the new option.
-My favorite motivator?
Sign your own pay check.
Thank you Santosh Chaudhary for being the asset of our community and also a life member. Keep shining! Keep inspiring!
Nepalese American Chamber of Commerce
The Nepalese American Chamber of Commerce is an independent, not-for-profit US Corporation devoted to create, protect, promote and enhance economic opportunities & prosperity to Nepalese Business community in the USA.
It was established in 2014 to advance and promote the economic environment for business, and to advocate responsive government and quality education, while preserving unique characteristics of Nepalese-American communities.
August Birthday Special
August Birthday? Your birthstone is Peridot gemstone and your flower is Gladiolus.
“Your time is limited, so don’t waste it living someone else’s life.”
― Steve Jobs

August says: Let's make a healthy commitment
Budget + Environment
Community Update

SBA Announces Opening of Paycheck Protection Program Direct Forgiveness Portal
WASHINGTON – The U.S. Small Business Administration is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans under $150,000 through participating lenders to apply for forgiveness directly through the SBA.      

The new forgiveness platform will begin accepting applications from borrowers on August 4th, 2021. Lenders are required to opt-in to this program through
PeopleFund, a lender in Austin, TX, was one of the first lenders in the area to sign up for the new portal in order to speed their forgiveness process.
 Paycheck Protection Program Summary
  • Overall, the SBA and lenders have worked to originate over 11.7 million loans totaling nearly $800 billion in relief to over 8.5 million small businesses.
In 2021:
  • SBA approved over 6.5M loans totaling over $275B 
  • The average loan size was ~$42 thousand (compared to $101 thousand in 2020) 
  • 96% of loans went to businesses with fewer than 20 employees (compared to just 87% in 2020.)
  • 32% of loans went to businesses in LMI communities (compared to just 24% in 2020)
Direct Forgiveness Summary
  • Over 600 banks have opted into direct forgiveness, enabling over 2.17mm borrowers to apply through the portal (This represents 30% of loans $150,000 or less that have not yet submitted for forgiveness)
Established by the CARES Act in 2020, the PPP was among the first COVID-19 small business economic aid programs. It provided more than $798 billion in economic relief to small businesses and nonprofits across the nation, keeping employees working, and helping businesses come back stronger than ever.   
Other programs include Economic Injury Disaster Loan (EIDL), EIDL Advance, Targeted EIDL Advance, Supplemental EIDL Advance, Restaurant Revitalization Fund, Shuttered Venue Operators Grant, and SBA Debt Relief program. To learn more about these programs, please visit

LIBOR Update: The Latest Developments Impacting Corporate Borrowers
-Alan Ganucheu
Since last fall, two major developments have been impacting the shift away from the London Interbank Offered Rate (LIBOR) as the reference rate banks use to price variable-rate commercial loans:
  • Bank regulators extended the final publication date for all but the 1-week and 2-month U.S. dollar LIBOR settings to June 30, 2023. Previously all U.S. dollar LIBOR rates were set to expire at the end of 2021.
  • Banks started pivoting away from the early candidate to be the preferred replacement rate — the Secured Overnight Financing Rate (SOFR) — in favor of a handful of emerging credit-sensitive alternative rate indices. A horse race has ensued to see which of these new alternatives will win out.
Here's an update on these developments and how they impact corporate borrowers.
Impact of the LIBOR Extension on Existing Loans
Extending the life of LIBOR won’t impact borrowers with existing loans that mature before June 30, 2023. They don’t have to do anything. A number of LIBOR settings will continue to be published through that date and LIBOR-based loans will continue to reprice based on the longtime rate index.
How Will the Extension Affect New Loans?
Here’s where little has changed. Although the publication date of certain LIBOR terms has been extended to June 30, 2023, regulators announced that new contracts entered into after 2021 should use a non-LIBOR alternative rate index. They view the use of LIBOR in any new contracts as posing a safety and soundness risk for banks.
As a result, banks are preparing to write new contracts using non-LIBOR indices by the end of 2021 at the latest. At Hancock Whitney, for instance, we plan to use non-LIBOR indices in the contracts we originate in the second half of 2021.
For more info:
Economic Recovery is Here.
It’s Unlike Anything You’ve Seen.
Households saved cash and banks amassed capital, but supply shortages are popping up and some employers can’t find workers
The U.S. economic recovery is unlike any in recent history, powered by consumers with trillions in extra savings, businesses eager to hire and enormous policy support. Businesses and workers are poised to emerge from the downturn with far less permanent damage than occurred after recent recessions, particularly the 2007-09 downturn.
New businesses are popping up at the fastest pace on record. The rate at which workers quit their jobs—a proxy for confidence in the labor market—matches the highest going back at least to 2000. American household debt-service burdens, as a share of after-tax income, are near their lowest levels since 1980, when records began. The Dow Jones Industrial Average is up nearly 18% from its pre-pandemic peak in February 2020. Home prices nationwide are nearly 14% higher since that time
The speed of the rebound is also triggering turmoil. The shortages of goods, raw materials and labor that typically emerge toward the end of an expansion are cropping up much sooner. Many economists, along with the Federal Reserve, expect the jump in inflation to be temporary, but others worry it could persist even once reopening is complete.
“We’ve never had anything like it—a collapse and then a boom-like pickup,” said Allen Sinai, chief global economist and strategist at Decision Economics, Inc. “It is without historical parallel.”...

Welcome to the SBA PPP Direct Forgiveness Portal

Register and Apply for PPP Forgiveness
This portal is made available by the US Small Business Administration to streamline forgiveness processing for PPP Borrowers. After registration, you may use this streamlined process to automatically submit your forgiveness request to your lender.
The SBA also offers live customer service to borrowers at 877-552-2692.
Our Sponsors
Nepalese American Chamber of Commerce
2016 W. Grauwyler Rd, Irving, TX, 75061
Phone: (972)-399-9605
NewsLetter Editor: Shilu.G.N