Asian American Hotel Owners Association (AAHOA) recently issues the following announcement.
When America’s hoteliers speak, Congress listens. AAHOA engages with legislators and decision-makers in Washington, D.C., and our policies to promote small business recovery continue to find bipartisan support. Earlier this week, AAHOA reported on the passage of the $1.5-trillion spending package that will fund the government through the rest of the fiscal year. In a major win for America’s hoteliers, Congress boosted funding for a number of SBA loan programs, including the 504 loan program.
Just one month ago, AAHOA Chair Vinay Patel penned a letter to the leadership of the Senate Committee on Small Business & Entrepreneurship and the House Committee on Small Business, urging the lawmakers to increase the cap on the SBA’s 504 loan program.
“I am writing on behalf of AAHOA to encourage you and your colleagues to increase the Small Business Administration’s 504 loan cap. Without immediate action, many hotel owners will not have access to necessary capital. … The small-business demand for the 504 program, including from hotel owners, indicates that the 504 loan program will reach a $7.5-billion authorization level in early summer, likely as early as June. This amount is inadequate to meet the demand caused by a combination of historic events.”
Original source can be found here.
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