AHLA Applauds Enhancements to Loan Program for Hoteliers

AHLA Collaboration Expands, Improves EIDL Program

The White House last week 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.”

Information on the EIDL enhancements is here.