The U.S. Small Business Administration (SBA) earlier this year announced its commitment to raise the Economic Injury Disaster Loan (EIDL) limit to $2 million.
American Hotel & Lodging Association (AHLA) President & CEO Chip Rogers wrote to SBA Administrator Isabella Casillas Guzman August 24 asking her to follow through on that commitment and also waive affiliation rules to permit multi-unit small business owners to fully access the program. Joining Rogers on the letter were leaders from the Asian American Hotel Owners Association, International Franchise Association, National Restaurant Association, International Health, Racquet & Sportsclub Association, and the Coalition of Franchisee Associations.
The EIDL program was created at the onset of the pandemic and intended to pair with the Paycheck Protection Program as the vehicle to address business operations, while PPP applied to payroll. But structural problems have kept hoteliers and many other businesses from accessing EIDL funds as intended. EIDL program improvements are vital, as it is the only remaining federal program that can provide critical access to capital for small businesses at this time.
