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AAHOA

Update for Friday, July 3

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.

Earlier this week, the House and Senate unanimously passed an extension of the Paycheck Protection Program (PPP), which would allow the program to operate through August 8. While the bill awaits President Trump’s signature, AAHOA and our industry partners are continuing to advocate for additional relief for small businesses and regulatory adjustments to allow all hotel owners access to the Main Street Lending Facility.


Last Friday, AAHOA, AHLA, NABHOOD, and LHA sent a coalition letter to Treasury Secretary Steve Mnuchin and Federal Reserve Chairman Jerome Powell seeking adjustments to the Main Street Lending Program that would remove restrictions that block most hotel owners from getting much-needed liquidity.

And again on Tuesday, AAHOA joined 24 other organizations to send a letter to Congressional leadership in which we outlined four core features for Congress to include in the next wave of COVID-19 relief. You can read the letter here and as always, I encourage you to view our COVID-19 resource center for future updates, webinars, and other tools to help you and your business.

 

AAHOA is here for you, and I want to thank you all for communicating and working with us as we lead our industry during these challenging times. Have a great weekend and a happy Fourth of July!

 

Cecil P. Staton

AAHOA President & CEO

AAA: Summer Travel Will Decline by 15% Because of COVID-19; Car Trips Will Reign Supreme

Ahead of the Fourth of July weekend, AAA released its summer forecast, predicting that Americans would take 700 million trips, 15% fewer than in 2019 and the first decline in summer travel since 2009. Car trips will be the favored mode of transportation, accounting for 97% of trips. Car trips also will see the smallest decrease in travel volume of just 3% year-over-year. Air travel will be off by about 74%, while rail, cruise ship, and bus travel will slide by 86%. Were it not for the pandemic, AAA would be projecting 857 million trips during the third quarter, a 3.6% increase over last year. See the full report here.
 

Senate Unanimously Passes Extension of Application Deadline for the PPP; President Trump Expected to Sign Into Law

Late Tuesday night, the U.S. Senate unanimously approved extending the Paycheck Protection Program application period to Aug. 8. With hours left to go until the program was scheduled to stop accepting applications, and with approximately $130 billion in unspent funding left in the program, it prompted a discussion among lawmakers about what to do with the funds. "The resources are there. The need is there. We just need to change the date," Sen. Ben Cardin (D-MD) said. And Sen. Marco Rubio (R-FL), who chairs the Small Business Committee, said he has no objections on extending the deadline, however “the vast majority of #SmallBusiness that wanted to benefit from the program have already used it.” Read the full article.
 

Save the Date: AAHOA Updates, NC Advocacy Initiatives on Tap for Virtual Event

Join us at 2 p.m. EDT Wednesday, July 8 when North Carolina Regional Director Akshat Patel hosts Vice Chair Vinay Patel and Lynn D. Minges, President & CEO of NC Restaurant & Lodging Association, at a virtual event. Vinay will give attendees an AAHOA update, while Lynn will bring them up to date on advocacy efforts and initiatives in North Carolina.

 

Relief for ‘Most Hard-Hit Businesses’ on the Agenda for Treasury Department, Senate

Treasury Secretary Steven Mnuchin expressed interest in working on another round of COVID-19 relief legislation in July during an oversight hearing before the House Financial Services Committee on Tuesday. Munchin also said he has been in discussions with bipartisan members of the Senate Small Business Committee about repurposing the $135 billion in unallocated Paycheck Protection Program (PPP) funds, likely targeting “the most hard hit businesses,” including restaurants and hotels. Senate Majority Leader McConnell (R-KY) also said he expects the next round of COVID-19 relief legislation to be on the agenda when the chamber returns from the upcoming July 4 recess. The goal is to pass legislation prior to the August break, scheduled to begin on August 7.

 

Register Now for These COVID-19 Webcast on the Schedule for Next Week


Getting Back to Business: The Easy Way to Get your PPP Loan Forgiven

1-1:30 p.m. EDT, Tuesday, July 7

The Paycheck Protection Program (PPP) was intended to be a free grant to small businesses. Attend this webinar to learn the simple steps you need to take to have your loan forgiven and how to fill out the application so you don’t have to pay your PPP funds back.

 

Getting Back to Business: Service Delivery in the Era of COVID-19

11-11:30 a.m. EDT, Wednesday, July 8

Join us to explore the service experience in an era of masks, social distancing, and planning for the unknown. Things may have changed but expectations may be the same, if not higher. Attend to hear best practices and strategies to make your team successful.

 

Wednesday’s Listening Session with Congressman Greg Walden (R-OR-02)

AAHOA Chairman Biran Patel and AAHOA Northwest Regional Director Hiten Patel on Wednesday hosted Congressman Greg Walden (R-OR-02), who gave AAHOA Members an exclusive update on movements within the U.S. House of Representatives with regards to COVID-19 relief and recovery. The Congressman is the Republican Leader of the Energy and Commerce Committee, a key committee relative to AAHOA's legislative priorities. Thank you to Congressman Walden for meeting with AAHOA Members this week. Watch the entire conversation here.
 

AAHOA Joins Coalition to Petition Congress for More Relief for Small Business Owners

Yesterday, AAHOA joined a coalition of 24 other organizations, including AHLA and the U.S Travel Association, to send a letter to Congress requesting additional relief for small businesses that continue to suffer because of the COVID-19 pandemic. The letter seeks four core features that build upon the current framework of the Paycheck Protection Program: 1) zero interest rates, 2) long-term loan maturity, 3) overall administrative simplicity, and 4) the flexibility to use the loans to cover a wide range of expenses and to improve the underlying resiliency of the business.

 

AAHOA Statement: America’s Hoteliers See Hope for CMBS Relief

This week, AAHOA expressed optimism for the prospect of relief for borrowers with commercial mortgage-backed security (CMBS) loans after nearly 100 members of Congress sent a bipartisan letter to Treasury Secretary Steve Mnuchin and Federal Reserve Chairman Jerome Powell asking them to create a relief fund for CMBS borrowers and to use their authority to grant broad assistance to the commercial real estate sector. AAHOA has served as a resource to U.S. Representatives Van Taylor, Al Lawson, Jr., Andy Barr, and Denny Heck, who address in the letter the complexity of CMBS loans, the difficulties of loan modification, and the market instability a wave of CMBS loan defaults could cause.
 

AAHOA Joins Large Coalition Urging Senate to Reject New Reporting Amendment

On Wednesday, AAHOA and a large group of associations sent a letter to the U.S. Senate expressing strong opposition to Title LIV of S. 4049, Establishing Beneficial Ownership Information Reporting Requirements. They argue the reporting of personally identifiable information required by the legislation would not only be duplicative, it also would be burdensome and present a security risk for millions of small business owners. Read the full letter here.

 

AAHOA, AHLA, NABHOOD, LHA Petition Treasury, Fed for Changes to Main Street Lending Program

Last Friday, AAHOA, AHLA, NABHOOD, and LHA sent a coalition letter to Treasury Secretary Steve Mnuchin and Federal Reserve Chairman Jerome Powell seeking adjustments to the Main Street Lending Program. The letter lauds the government for expanding the program, which is designed to give financial assistance to small business owners who have been decimated by the COVID-19 pandemic. However, because of the way the program is constructed, most hotel owners are shut out from using it. The letter requests four specific actions that would give hoteliers access to the liquidity they need to survive.