Dallas-based hotel group to return $76 million in disaster loans meant for small businesses
Source: Texas Tribune
After drawing ire from smaller businesses and some lawmakers, the network of hotels run by prominent Texas Republican donor Monty Bennett will be returning the $76 million it received in coronavirus disaster funds.
In a statement released Saturday, the Dallas-based hotel network said it would give up all the funds it had received from the government’s Paycheck Protection Program. Three related companies — Ashford Inc., The Ashford Hospitality Trust and Braemer Hotels & Resorts — had emerged as the largest recipients of loans from the federal aid package meant to help small businesses stay afloat during the pandemic.
The group of companies indicated it was giving back the money because of changes imposed by the Small Business Administration. It had applied for $126 million from the program.
“While we believed then and continue to believe today that we qualify for PPP loans based on the legislation and rule-making in place at the time our applications were submitted, continuous SBA rule changes and evolving opinions by Administration officials have led us to conclude that we may no longer qualify,” the company’s statement read.
Read more: https://www.texastribune.org/2020/05/02/monty-bennett-hotel-loans/
Article by Alexa Ura, Texas Tribune.
Successfully shamed by the bad publicity!
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