A luxury hotel company that owns multiple Ritz-Carltons received millions in small-business aid thanks to a loophole in the coronavirus bailout program
Three lodging companies chaired by hotel executive Monty Bennett have received $59 million in Paycheck Protection Program (PPP) coronavirus relief funds intended for small businesses, the Wall Street Journal reported , effectively making Bennett the biggest winner in the small-business bailout. On April 16, the PPP's $349 billion fund dried up with thousands of loan requests still pending. A provision in the PPP allows hospitality and restaurant companies with multiple locations to apply for loans as long as each location has 500 employees or less. While the travel and hospitality industries have been most impacted by the coronavirus pandemic, larger companies have received backlash for accepting millions of dollars in loans before smaller, independent businesses could receive relief. The House is expected to vote on a bill today that will provide an additional $320 billion for the PPP. Visit Business Insider's homepage for more stories . A real-estate investment firm that invests in luxury hotel properties — including the Ritz-Carlton in St.
A luxury hotel company that owns multiple Ritz-Carltons received millions in small-business aid thanks to a loophole in the coronavirus bailout program
Three lodging companies chaired by hotel executive Monty Bennett have received $59 million in Paycheck Protection Program (PPP) coronavirus relief funds intended for small businesses, the Wall Street Journal reported , effectively making Bennett the biggest winner in the small-business bailout. On April 16, the PPP's $349 billion fund dried up with thousands of loan requests still pending. A provision in the PPP allows hospitality and restaurant companies with multiple locations to apply for loans as long as each location has 500 employees or less. While the travel and hospitality industries have been most impacted by the coronavirus pandemic, larger companies have received backlash for accepting millions of dollars in loans before smaller, independent businesses could receive relief. The House is expected to vote on a bill today that will provide an additional $320 billion for the PPP. Visit Business Insider's homepage for more stories . A real-estate investment firm that invests in luxury hotel properties — including the Ritz-Carlton in St.