We are pleased to share this update from Chip Rogers, President & CEO of the American Hotel & Lodging Association. MHLA would like to thank our national partner for their leadership on this issue.
President Donald Trump signed H.R. 7010, Paycheck Protection Program Flexibility Act of 2020 into law today.
Upon signing President Trump noted that hotels sorely needed these enhanced measures: “I am going to sign legislation to make important changes to the PPP that will especially help restaurants, hotels, and other businesses that have them very hard hit by the virus.”
This critical legislation overwhelmingly passed the House and Senate. AHLA has worked tirelessly to significantly improve the Paycheck Protection Program (PPP). These changes were a direct result of AHLA’s leadership and your grassroots engagement.
Almost the entire list of priorities advanced by AHLA were adopted in the bill that passed, including:
- Changing the forgiveness period for PPP loans from 8 weeks to 24 weeks
- Extending the covered period for loans to December 31, 2020
- Changing the restrictions limiting non-payroll expenses from 25% to 40%
- Changing the loan maturity limit from 2 years to 5 years, and
- Ensuring full access to payroll tax deferment
We are grateful for your continued support and engagement!