The Small Business Administration (SBA) has officially opened the expanded COVID-19 Economic Injury Disaster Loan (EIDL) program. AHLA worked with the Biden Administration and the SBA for several months to enact changes to the EIDL program to make it work better for hoteliers. In particular, the revisions include raising the loan caps to up to $2 million per loan and allowing for up to $10 million per aggregate businesses.
The changes will allow hoteliers to access millions in loans to address commercial debt, apply for additional resources for more properties, and defer payments for up to two years.
Additionally, AHLA was pleased to welcome representatives from the SBA Office of Capital Access last week for an exclusive and informative webinar. If you were unable to join, or would like to view it again, a recording is now available on the member portion of our website. Watch it here.
For more information on the COVID-EIDL enhancements, please visit the SBA’s FAQs. This link shares more information about the application process and common challenges applicants face. Be sure to understand the requirements to ensure your application is filed timely.
We will continue to provide updates as available and appreciate your continued support.
