WASHINGTON—The White House announced the expanded COVID-19 Economic Injury Disaster Loan (EIDL) program, giving qualified hoteliers access to up to $2 million per loan.
The American Hotel & Lodging Association (AHLA) has been working with Biden Administration and Small Business Administration officials for months to secure EIDL changes that would benefit hoteliers. Changes announced yesterday include:
- Raising the loan cap to $2 million per loan
- Raising the aggregate loan cap to $10 million
- Simplifying the affiliation rules
- Allowing 24 months of deferred payment
- Allowing use of funds to pay down prior commercial debt and scheduled payments on federal debt
“This is a huge step forward for hotels in terms of COVID relief and access to capital,” said AHLA president and CEO Chip Rogers. “The improved EIDL program is a fantastic opportunity for hoteliers to help address commercial debt, operating costs, and other expenses as travel patterns remain uncertain. The hotel industry thanks the Biden Administration—in particular Administrator Guzman and the SBA—for adjusting the program to help our small business hotel operators who have been significantly impacted by the pandemic.”
