The latest round of Covid-19 economic relief from Washington DC was praised by the American Hotel & Lodging Association (AHLA) and other travel industry groups, as the stimulus package provides additional funds for the hotel sector suffering from pandemic lockdowns and travel restrictions.
Many industry and lending organizations lobbied on behalf of hotel business owners for an increase in the size of Paycheck Protection Program (PPP) loans to 3.5 times payroll, and making PPP loan expenses tax-deductible. These concessions provide a critical lifeline for hotels and other businesses that have been decimated by the pandemic.
Hotel owners: submit your PPP Loan application by clicking here.
Hotel & Lodging Owners Impacted by COVID-19
Hotel owners have seen drastic losses, and another round of Paycheck Protection Program Loans are available right now for these distressed small businesses nationwide. Many small business owners have already benefited from the favorable forgiveness rules and are able to take a second draw from PPP Loan funds.
Liberty SBF is Accepting PPP Applications from Hotel Owners
Approved PPP lender Liberty SBF is now accepting applications from hotel owners through its secure, customized PPP Loan portal, which can process and approve applications quickly and efficiently.
As a non-bank lender with over 10 years of experience providing low-cost capital to small business owners, Liberty SBF facilitated over 3,200 loans in the sum of more than $350 million in the last round of Paycheck Protection Program lending. The company has extensively invested in new resources and hired back office staff to process thousands of PPP loan applications per day.
About the new round of PPP Loan relief: The Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act authorizes up to $284 billion toward job retention and certain other expenses through March 31, 2021 and allows borrowers to apply for a Second Draw Paycheck Protection Program Loan. Many businesses who already received a Paycheck Protection Program Loan will be eligible for a second draw. Those small business owners who missed out on PPP Loans the first time can still get a first draw loan in this next round.
Similar to first draw, second draw PPP Loans are on a first come, first served basis, so hotel owners should apply as soon as possible to secure funding.
Click here to begin your PPP Loan application.