WASHINGTON, D.C. — On Monday, the American Hotel & Lodging Association (AHLA) released a statement from its president and CEO, Chip Rogers, on the COVID relief package.
“On behalf of the hotel industry, we applaud the House and Senate leadership, along with the administration, for reaching a bipartisan compromise on this COVID economic relief package. 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,” Rogers said. “For months, the hotel industry has been imploring lawmakers to help the people and industries that have been most affected by this crisis. After more than 250,000 individual grassroots actions taken by AHLA members, we are pleased to finally see a long-overdue agreement.”
The legislation includes several provisions AHLA has advocated for, including a second round of Paycheck Protection Program (PPP) loans, increasing the size of PPP loans to 3.5 times payroll, and making PPP loan expenses tax-deductible. “This will provide a critical lifeline for hotels and other businesses that have been decimated by the pandemic,” Rogers explained.
Other hotel industry priorities in the legislation 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, Rogers added.
“We look forward to working with Congress and the new administration on a longer-term stimulus package that will ensure our industry survives and is well-positioned to help the country recover economically once the public health threat subsides,” Rogers concluded.