New York Rep. Nydia Velazquez is being praised for pushing hard for more COVID-19 relief.
The following is a statement from Chip Rogers, president and CEO of the American Hotel & Lodging Association, on the coronavirus relief package.
“On behalf of the hotel industry, we applaud Representative Nydia Velazquez (D-NY) for her leadership in fighting for our employees and small business operators to obtain this vital economic relief approved before the holiday break. Through her successful efforts, this legislation will now help thousands of our small business and franchise hotel operators keep their doors open and employees retained over the next few months.
“The legislation contains many of the provisions AHLA has advocated for, including a second round of Paycheck Protection Program 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.
“Other hotel industry priorities 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.
“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.”