Three affiliated hotel companies got $59 million in PPP loans

• 3 accommodations companies chaired by hotel executive Monty Bennett have received $59 million in Paycheck Defense Program(PPP) coronavirus relief funds intended for little services, efficiently making Bennett the greatest winner in the small-business bailout, the Wall Street Journal reported
• While the travel and hospitality industries have actually been most affected by the coronavirus pandemic, larger business have actually gotten backlash for accepting millions of dollars in loans before smaller, independent organisations could get relief.
• See Organisation Expert’s homepage for more stories

  A real estate financial investment firm that invests in high-end hotel residential or commercial properties– including the Ritz-Carlton in St. Thomas— is one of three public companies chaired by Dallas hotel executive Monty Bennett that received a cumulative $59 million in federal aid meant for small services, the Wall Street Journal reported, a Dallas-based possession management firm, and the two genuine estate financial investment trusts it handles, Braemar Hotels & Resorts and Ashford Hospitality Trust — represent over 130 hotel properties

Due to a arrangement in the $349 billion Paycheck Protection Program (PPP)– part of the $2 trillion federal CARES Act— hospitality and dining establishment business with multiple locations are able to apply for loans as long as each place has 500 staff members or less

The PPP ran out of funds on April 16, less than two weeks after launch. On Tuesday, the Senate passed a bill approving an extra $320 billion for the PPP.

In a White House instruction on Tuesday, Treasury Secretary Steven Mnuchin cautioned these business of “extreme consequences” if they take benefit of the program going forward, Business Expert’s Graham Rapier reported

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source https://jobsearchtips.net/three-affiliated-hotel-companies-got-59-million-in-ppp-loans/