Source: Asian Hospitality
May 15, 2020
THE LATEST ROUND of federal stimulus in response to the COVID-19 economic downturn has been proposed in the House. However, the Democrat’s bill is expected to meet stiff debate from Republicans who call it an “unserious” wish-list of political projects.
The ‘‘Health and Economic Recovery Omnibus Emergency Solutions Act’’ is meant to follow and continue the mission of the current “Coronavirus Aid, Relief, & Economic Security Act” and may address some of the concerns the hotel industry has had about that act, particularly the funding and terms for Paycheck Protection Program loans.
AAHOA also welcomed the HEROES Act’s corrections to the PPP.
“The changes to the PPP introduced in the House as part of the HEROES Act are critical to ensuring small business owners can effectively employ funds to make payroll and cover necessary operating costs,” said Cecil Staton, AAHOA president and CEO. “The proposed corrections to PPP will help provide small business owners with much needed liquidity, something that we’ve been asking for since the start of this crisis. We hope, as the legislation is debated in Congress, that our leaders will continue to prioritize small businesses and their employees – especially in industries hardest hit by the economic crisis.”
Staton also approved of language in the bill that allows destination marketing organizations to participate in PPP.
“Travel will play an integral part in rebuilding our economy as the nation reopens,” Staton said. “Americans love to travel, and, after spending the better part of the spring in their homes, people are ready to hit the road again.”