Congress passed a bipartisan Covid-19 relief package Monday night for a $900 billion that includes funds for businesses hit hard by the pandemic. Hospitality industry leaders praised the deal for throwing a much-needed lifeline for hotels.
Chip Rogers, president/CEO, American Hotel & Lodging Association (AHLA) said on Sunday night,
This short-term relief package is a vital step toward helping the hotel industry survive this crisis. The [proposed] measure provides temporary relief over the next few months and will help thousands of hotels stay open and retain employees.”
“The legislation contains many of the provisions AHLA has advocated for, including a second round of Paycheck Protection Program loans, increasing the size of PPP loans to 3.5 times payroll and making PPP loan expenses tax-deductible,” said Rogers. “This will provide a critical lifeline for hotels and other businesses that have been decimated by the pandemic. Other hotel industry priorities include a one-year extension for Troubled Debt Restructuring (TDR) relief so that banks can continue working with borrowers to gain additional forbearance and debt relief, business meal deductibility through 2022, and expanded Employee Retention Tax Credit.”
The legislation also includes more funding for Small Business Administration programs including 504, 7(a), and Economic Disaster Loans (EIDL).
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