The Paycheck Protection Program rolled out today allows small businesses to apply for loans, covering 2.5 times their average monthly payroll expenses.
Best Western Hotels and Resorts CEO David Kong says his hoteliers will need four times that amount, just to pay essential bills.
Speaking to Yahoo Finance, Kong said he has been in close talks with Florida Senator Marco Rubio, who chairs the Senate’s Committee on Small Business and Entrepreneurship, asking for additional stimulus measures, as the hotel industry looks to stay afloat amid the COVID-19 outbreak.
“This is intended to tie us over, and [lawmakers] are already thinking about the full relief package,” Kong said. “We all recognize [the Paycheck Protection Program] is not intended to replace lost revenue or lost profit … It is not enough. [Rubio] is trying to help with a fourth package.”