AHLA has been working with closely with the SBA to expand the Economic Injury Disaster Loan (EIDL) program to raise the cap on total loan amounts and waiving affiliation rules to ensure each property can benefit from the long term, low interest rates. This program can be a critical opportunity to access capital to help address commercial debt, operating costs, and other expenses that your businesses are incurring as the the recovery remains uneven.
During this webinar, an SBA representative will cover critical program updates including how struggling hotels can qualify for and apply for these loans. Among many changes, we understand the program will include the following revisions:
- Up to $2 million per property
- Up to $10 million in aggregate
- Waiver of affiliation rules (mirrors PPP)
- A 3.75% interest rate over a 30-year fixed amortization period
- Waiver of the credit-elsewhere requirement
- Priority for NAICS Code 72 businesses
The application period begins on August 16th. If you are in need of an SBA EIDL loan, do not miss this webinar!