Ashford Group to return $59 million U.S. payroll loan

Ashford

03/05/2020 01:22

May 2 (Reuters) - Ashford Group of companies will return
$58.7 million provided by the Small Business Administration's
(SBA) Paycheck Protection Program (PPP), the company said in a
statement on Saturday.
    The company said that it will return funds due to SBA's
"recently changed rules" and "inconsistent federal guidance that
put the companies at compliance risk."
    The group's publicly traded companies overseen by Dallas
hotelier Monty Bennett include Ashford Inc  AINC.A , Ashford
Hospitality Trust Inc  AHT.N  and Braemar Hotels & Resorts Inc
 BHR.N .  urn:newsml:reuters.com:*:nL2N2CB04R 
    The PPP program aims to helping small businesses through the
coronavirus pandemic. 
    

 (Reporting by Aishwarya Nair in Bengaluru; Editing by Cynthia
Osterman)
 ((Aishwarya.Nair@thomsonreuters.com; +91-8067494421;))