I don't really know who Favor Johnson is in this story as the name isn't familiar in a general Christmas story context. He could be the author if it's a personal account, or a character who is central to the events of the Christmas story.
As I don't really know the 'favor Johnson Christmas story', it's hard to say its significance. But generally, a Christmas story can be significant in terms of sharing values like love, kindness, and giving. If Johnson in the story is a kind person, it might be to inspire others to be more like him during the Christmas season.
I'm not sure specifically as there isn't a widely known 'Favor Johnson A Christmas Story' in common knowledge. It could be a very personal or local story. Maybe it's about someone named Johnson and a favor that takes place during Christmas.
Since I don't know the exact 'favor Johnson Christmas story', it could be that Johnson is a character in a small - town Christmas celebration. Maybe Johnson always volunteers to distribute presents to the poor during Christmas, or Johnson has a unique way of making Christmas dinner that has become a story told every year. But again, this is all speculation without more information.