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AAHOA

Update for Monday, June 22

AAHOA is bringing you the latest information as it relates to COVID-19 and your business.

Help AAHOA help hotel owners by sharing this update with owners in your network, whether they're AAHOA Members or not. Turn to AAHOA's Facebook, LinkedIn, and Twitter accounts for the latest.

CONTENT FOUND IN THIS UPDATE

  • SBA: New procedural notice for PPP loans released
  • SBA Lender Match: Tool to help small businesses find new lenders unveiled
  • PPP Figures: The latest data from the SBA on the PPP
  • AAHOA Virtual Events: Three can’t-miss events coming up this week
  • Brand Virtual Events: Red Roof, G6 discuss how economy, extended-stay survived COVID-19
  • Webcast: City of Charlotte unveils new program to help small business owners

SBA Releases New Procedural Notice for PPP Loans
The Small Business Administration (SBA) recently released a new procedural notice, which provides guidance for when Paycheck Protection Program (PPP) loan proceeds must be used to refinance SBA Economic Injury Disaster Loans (EIDLs). It also informs PPP Lenders of the procedure for remitting to the SBA any PPP loan proceeds designated for the refinance of an EIDL. For more information and updates, visit SBA.gov/PaycheckProtection.

 

SBA Rolls Out Dedicated Tool for Small Businesses to Connect with Less-Traditional Lenders

On Friday, June 19, U.S. SBA Administrator Jovita Carranza announced “Lender Match,” a new online tool that will allow small businesses and non-profit organizations to connect with different, less-traditional lenders. Those include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), farm credit system lenders, and microlenders.

Additionally, Lender Match also will allow such entities to match with traditional smaller-asset-size lenders under the Paycheck Protection Program (PPP). The matching service provides yet another way for small businesses affected by COVID-19 to connect with lenders.

 

Paycheck Protection Program (PPP) Net Lending Update

Over the weekend, the SBA released updated data for its PPP funding approvals, which reveals approval figures through June 20. According to the summary, approved loans during this period stood at more than 4.6 million with an average loan size of $110,000. Accomodation and Food Services comes in at the No. 5 industry sector to receive the most loans, valued at more than $41 billion with more than 350,000 loans.

With more than $128 billion in funding remaining, AAHOA encourages hoteliers who have not yet applied to work with their preferred lender to complete the new PPP Application (revised June 16) and review loan forgiveness considerations.

AAHOA Virtual Events on Tap This Week That You Don’t Want to Miss

Join us this week for these three AAHOA virtual events you definitely do not want to miss. At 4 p.m. EDT Wednesday, June 24, the AAHOA Government Affairs team will break down the PPP Flexibility Act and more during AAHOA Young Professional Hoteliers Virtual Event: Advocacy Updates, Getting Involved, and the PPP. At 4 p.m. EDT Thursday, June 25, Joshua Francis, PhD, LPCC-S, LICDC-CS, will discuss self-care during the pandemic in AAHOA Women Hoteliers Virtual Event: Maintaining Health and Wellness Through the Pandemic.

At 3 p.m. EDT Friday, June 26, we’ll host AAHOA Independent Hoteliers Virtual Event: Cleaning Guidelines, where best practices for keeping your hotel clean without brand standards will be discussed. Learn more and mark your calendars today.

 

Red Roof, G6 to Discuss How Economy, Extended-Stay Sectors Survived COVID-19

Mark your calendars for two virtual events with leading hospitality brands that will examine how and why the economy and extended-stay held up better than other segments. This week, at 2 p.m. EDT Thursday, June 25, David Eisen, HotStats Director of Hotel Intelligence, Americas, will moderate a panel of executives from G6 Hospitality in How the Economy Hotel Segment Survived COVID-19: A Conversation with G6 and Owners.

Then next week, at 2 p.m. EDT Tuesday, June 30, Eisen will lead a separate panel with Red Roof executives in How the Economy Hotel Segment Survived COVID-19: A Conversation with Red Roof and Owners. You don’t want to miss these high-level discussions. Plan to attend.

Getting Back to Business: City of Charlotte’s Open for Business Access to Capital Program

Applications for the City of Charlotte’s “Access to Capital Small Business Recovery” program are now available! If you own a local small business (25 employees or fewer) in Charlotte, NC, that has been impacted by the COVID-19 pandemic, visit Foundation for the Carolinas to see if you qualify for a $10,000 or $25,000 award and to apply. Then join us at 1 p.m. EDT tomorrow, Tuesday, June 23, to learn more about this critical program that will assist small businesses during COVID-19 recovery.