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

Published 05/02/2020, 08:26 PM
Updated 05/02/2020, 10:35 PM
© Reuters.

(Reuters) - Ashford Group of companies, run by a donor of U.S. President Donald Trump, said on Saturday it would return a $58.7 million loan it received from the government's program to help small businesses survive the economic impact of the coronavirus.

U.S. Senate Democratic leader Chuck Schumer had sent a letter to the Small Business Administration (SBA) demanding a review of all loans made to Ashford, run by Trump donor and Dallas hotelier Monty Bennett.

According to media reports, the hospitality firm is the biggest known applicant of the government's small-business relief program.

The company said it would return the funds due to the SBA's "recently changed rules" and "inconsistent federal guidance that put the companies at compliance risk."

The group's publicly traded companies overseen by Bennett include Ashford Inc (A:AINC), Ashford Hospitality Trust Inc (N:AHT) and Braemar Hotels & Resorts Inc (N:BHR).

Schumer said in his letter that he was "deeply concerned that large, publicly traded companies, like Ashford, may be exploiting the Program."

The company said in its statement, "Some media and members of Congress have falsely implied" that Ashford accessed loopholes to qualify for the funds."

 

Latest comments

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b/c trump inc and those crony capitalist *******main street. where is the sense of decency.
The democrats wrote a line item to gove the kennedy center millions... theu then fired all the musicians... hypocrites
This is good. We should not help the companies that had to fire theor employees if that company chaor person supported donald trump. Thw idea of this program was to keep people on payrolls and kepp thoer job hoping a reopening would be quick recovery... bit if your company supported trump then no money for you
Schumer is absolutely correct. This relief was intended for small companies not large billion dollar entities, especially ones that endorse tRump’s madness.
The relief was to keep peoples paychecks flowing. But if the owner supported trump we should make sure those employees pay with thoer livelihood... your comment is why i left the democrat party... where is your compassion??
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