As COVID-19 continues to be a challenge for the hospitality industry, M3 is making the resources available to hoteliers through THE CARE ACT easy to find and easy to use on our COVID-19 Resource Center. Find SBA loan applications, Payroll Protection Applications, and more right here at the links below.
Economic Injury Disaster Loan programs are separate from The Care Act but used in conjunction with one another they are a powerful combination to help mitigate some of the economic fallout from the COVID crisis. As more programs become available, we will make sure to list all opportunities for lessening the negative impacts of COVID-19 on the hospitality community.
The US Government has approved an additional $484b in funding in COVID-19 disaster release. Funds from this will be reinvigorating the PPP as well as the EIDL loan programs. Read more about it here. There is rumor of a fifth relief package but there is much debate on the capital hill regarding more relief. This article elaborates:
Fifth Relief Package Update
"The bill will provide an immediate $321 billion infusion for the Paycheck Protection Program, the small business rescue fund that ran out of money last week. The package also provides another $60 billion in economic disaster loans for small businesses, $75 billion in emergency relief for hospitals and $25 billion to ramp up coronavirus testing." - POLITICO
AHLA is pushing a grassroots campaign so that the hospitality industry is at the top of congressional minds as they plan and strategize ways to soften the impact on the business community.
To sign up you can visit this link:
To date, 1.8 million loans have been disbursed.
The Department of Treasury put together a Frequently Asked Questions page regarding SBA PPP loans.
To read the FAQ from the Department of Treasury's website, just click here: PPP FAQ
Finding PPP Lenders has never been easier thanks to the SBA website. Simply enter your zip code on the page linked below, and all the approved lenders in your area will populate complete with a map.
Find Your Approved PPP Lenders
By the numbers
- $349 billion dollars are to be distributed to small businesses (under 500 employees) through the Care Act.
- As of Monday 4/29/2020, more than 1,800,000 loans had been approved totaling $450 billion.
- An additional relief package (5th) is being negotiated.
- Confirmed U.S. Cases: 1,000,000 | U.S. Deaths: 61,000 since the first week of February
- Point of reference, Vietnam deaths for the U.S. during their approximate involvement in the Vietnam war totaled 58,220
- 16,000 hotels have signed up to help first responders.
- 27% of M3’s customers are still maintaining occupancy above 20%, which is above average for the industry.
Sources: CBS News, Wallstreet Journal, Chase Bank, AHLA
Small Business Guide To The Care Act
*Provide by The US House of Representatives Small Business Committee
See if you qualify for SBA disaster loans
Keep your workforce employed throughout the COVID-19 crisis
Please check back in on our resource center as we strive to keep it updated with all pertinent links and information regarding COVID-19 assistance programs through The Care Act, Paycheck Protection Programs, and Economic Injury Disaster Loan programs.
Library of Articles pertaining to COVID-19 and the Hospitality world from various sources
Five Fights for Fifth COVID Relief Package
House Passes Additional $484 billion in COVID Relief
Key Points Easy to Use for Independent Hotels
Travel Recover will Happen Sooner than Expected
Eight-Weeks of Relief Is Not Enough for Small Firms Facing Failure
Travel Groups Want More From Washington But Are They Asking Too Much?