Source: Hotel Business
April 15, 2020
WASHINGTON—The Asian American Hotel Owners Association (AAHOA) is calling on Congress to take immediate action to provide additional funding to the Paycheck Protection Program (PPP) which is likely to run out of money by the end of this week.
“Congress needs to come back to Washington and immediately authorize additional funding for the PPP before it runs out,” said Cecil Staton, president/CEO, AAHOA. “America’s hotels are a signal industry, and they began feeling the effects of the COVID-19 economic downturn weeks before it infected the broader economy. The PPP provides a crucial liquidity lifeline to them but will likely run out of money by the end of this week.”
He continued, “With Congress not scheduled to reconvene until May and many hotel owners still awaiting action on PPP loan applications that could make or break their business, they literally cannot afford to wait. Hotel owners and their employees are hurting now and scraping by week to week. Hotels across the country are furloughing or laying off employees and shutting their doors, and, unless Congress acts, we could see thousands more close their doors before the end of April.”