WASHINGTON – September 10, 2021 – The White House yesterday 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.