It is said that, the hotel industry qualifies for larger small business loans under the new corona virus relief measure. That’s the reason for hoteliers to celebrate, but the industry will still need what it considers a real stimulus bill with the incentives to revive the travel demand on the long-term.
Further details emerged last Monday of a $900 billion bipartisan coronavirus economic relief measure announced over the weekend.
Congress appeared to deliver several items on the hotel industry’s lobbying wish list. But the recovery fight is far from over, says the industry’s leading trade group.
“We’re not done yet. There’s much more to do,” said American Hotel & Lodging Association CEO Chip Rogers. “While the Paycheck Protection Program is helpful in creating that bridge to help people travel again, there are still lingering debt issues that will need to be resolved.”
Both sides of the aisle in Congress agreed to provide $284 billion in reopening the Paycheck Protection Program of small business loans.
The hotel industry’s top request in recent months was another draw at PPP, as most hotels — despite flag affiliation with a major brand like Marriott or Hilton — qualify as small businesses. Businesses that took an initial PPP loan and can prove their revenues fell by at least 25 percent will qualify for a second loan under program guidelines.
There is further reason to celebrate!
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