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Recent AAHOA Advocacy Updates

The Paycheck Protection Program (PPP) Funds Run Dry
On May 4, the Small Business Administration (SBA) confirmed that the PPP has run out of funds weeks before its expiration on May 31. Lawmakers in Washington, D.C., passed a bill in March to extend the PPP to the end of May. While $8 billion allocated to community financial institutions still remains, many applicants may no longer have access to the forgivable payroll loan. The SBA reported that it will continue to process and payout approved PPP applications from other lenders. The PPP has been a vital source of relief for America’s hoteliers during these challenging times. We will continue to engage with lawmakers to advocate for more funding for the PPP so that any hotelier in need can access the program.



President Biden delivered a joint address to Congress in which he highlighted the administration’s policy priorities, among other key issues. The $1.9-trillion American Rescue Plan signed into law back in March is the first of three relief packages the administration aims to push through Congress. Currently, our team is working alongside our state and local hospitality partners to ensure hoteliers have access to portions of the $350 billion that the American Rescue Plan allocated to state-level economic recovery. AAHOA’s American Rescue Plan Toolkit is a great resource to guide you through steps to take when engaging state and local lawmakers on the matter. 

Rep. Charlie Crist (D-FL) and Sen. Brian Schatz (D-HI) introduced the Save Hotel Jobs Act, which would provide hoteliers with tax credits and payroll grants. This bill is the first proposal to offer direct, targeted relief to hotels so that they remain open and keep employees on payroll. Join our call to action and contact your members of Congress to request their support for the Save Hotel Jobs Act. 


SBA Second Draw

PPP Second-Draw Guidance and Updates

The Small Business Administration (SBA) Rolls Out New Round of Economic Injury Disaster Loan (EIDL) Assistance

The SBA launched Supplemental Targeted Advances, part of the EIDL program refunded in the American Rescue Plan Act, which will allocate “$5 billion in additional assistance to one million small businesses and nonprofit organizations that have been most severely affected by the economic effects of the COVID-19 pandemic.” The SBA reported that it will contact eligible businesses to apply and will process applications on a first-come, first-served basis. The qualifications for an eligible business entity to receive the targeted advances are:

  • Based in a low-income community
  • Suffered greater than 50-percent economic loss
  • Have 10 or fewer employees


Guidance from the SBA




  • Paycheck Protection Program (PPP) Update
    • Second Draw Paycheck Protection Program (PPP) Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide (Released 1/19/2021)
    • Reminder – First Draw PPP Loans Under Review May Be Delayed Getting Second Draw PPP Loan Number
      As described in SBA’s interim final rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities, SBA may review any PPP loan, as the Administrator deems appropriate.  If a borrower’s First Draw PPP Loan is under review by SBA and/or information in SBA’s possession indicates that the borrower may have been ineligible for the First Draw PPP Loan it received or for the loan amount it received, the lender will receive notification from SBA when the lender submits an application for a guaranty of a Second Draw PPP Loan and will not receive an SBA loan number until the issue related to the unresolved borrower’s First Draw PPP Loan is resolved.  SBA will resolve issues related to unresolved borrowers expeditiously.

 




AAHOA Member Financial Institutions* Participating in the Paycheck Protection Program

*Please note, the following financial institutions are only accepting current/existing customers

ALLIED MEMBER
Creative Lending Solutions
Prajesh N. Patel
847-278-7310
ppatel@clsolutionscorp.com
www.clsolutionscorp.com

ALLIED MEMBER
Customers Bank
Tiffany Kidd
903-363-3848
tkidd@customersbank.com
www.customersbank.com/disaster

ALLIED MEMBER
Fountainhead Commercial Capital
Chris Hurn
407-233-1504
chris@fountainheadcc.com
www.fountainheadcc.com/ppp

ALLIED MEMBER
Live Oak Bank*
Jamie Bourgeois
910-375-5925
jamie.bourgeois@liveoakbank.com
www.liveoakbank.com/paycheck-protection-program-sign-up
*If you are not a current Live Oak Bank customer, you can fill out this form to be notified by email once they have opened up the program to other businesses that are not current customers. 

ALLIED MEMBER
PHD Financial
Paul Darrow
561-508-7558, ext. 1
paul@phdfinancialllc.com
phdfinancialllc.com

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NEWS FROM COAST TO COAST


Florida: VISIT FLORIDA Secures Future Increase
VISIT FLORIDA, the state’s travel and tourism marketing corporation, received an appropriation of $75 million for the upcoming fiscal year. Florida lawmakers and Gov. Ron DeSantis worked together to increase the group’s funding to help the industry recover in the wake of the pandemic.

South Carolina: SC Works Initiatives Expanded Statewide
The SC Works center has increased its programming across the state to help employers and job seekers get back to business. The South Carolina Restaurant & Lodging Association partnered with SC Works to promote hiring and job hunting resources in the hospitality industry. Visit SCworks.org for more information.

New Jersey: Gov. Murphy Loosens COVID-19 Restrictions
Earlier this week, Gov. Phil Murphy announced that the state is loosening several restrictions, allowing for “higher outdoor gathering limits, higher large-venue outdoor capacities, higher maximum capacities for privately catered events, and more.” More than 2.7 million New Jersey residents have been vaccinated, prompting the Governor’s office to ease restrictions. 


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Vaccine Resources


 

We Need Your Input: Take Our 1-Minute Survey Today!

AAHOA would like to hear about how you are handing your business at this point in the COVID-19 pandemic. Your thoughts and insights during these times would be greatly appreciated as they will help guide our advocacy and outreach efforts to the appropriate elected officials and agencies. 

TAKE THE SURVEY

Resource Guide for AAHOA Members: How to Contact Your Congressional District Offices

If you are looking for assistance with PPP or EIDL Loans, contacting the district office of your Representative or Senators can be helpful and make a big impact. AAHOA has created a brand-new guide to help walk members through how to find congressional district office contact information for their Representatives and Senators.



AAHOA Updates

What AAHOA and the Industry Are Fighting For

 

 
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