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| Hotel Group Will Return Tens of Millions in Small Business Loans | Hotel Group Will Return Tens of Millions in Small Business Loans |
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| One of the biggest beneficiaries of the government’s small business lending program said on Saturday that its companies will return at least $70 million in loans received through the Paycheck Protection Program. | One of the biggest beneficiaries of the government’s small business lending program said on Saturday that its companies will return at least $70 million in loans received through the Paycheck Protection Program. |
| Ashford Inc., which oversees a tightly interwoven group of hotel and resorts, had seen its subsidiaries apply for $126 million in loans and the firm had previously said it planned to keep the money it received. | Ashford Inc., which oversees a tightly interwoven group of hotel and resorts, had seen its subsidiaries apply for $126 million in loans and the firm had previously said it planned to keep the money it received. |
| On Saturday, citing new guidelines from the Small Business Administration that restrict who can receive funding, the company said its firms will return the loans. The decision came after media outlets, including The New York Times, detailed how Ashford had benefited from a program intended to help small businesses struggling to keep workers on payroll amid the coronavirus pandemic. | On Saturday, citing new guidelines from the Small Business Administration that restrict who can receive funding, the company said its firms will return the loans. The decision came after media outlets, including The New York Times, detailed how Ashford had benefited from a program intended to help small businesses struggling to keep workers on payroll amid the coronavirus pandemic. |
| The Trump administration had scrambled to tighten the program’s rules after it became clear that companies like Ashford, along with other publicly-traded firms, were benefiting from a $660 billion program. | The Trump administration had scrambled to tighten the program’s rules after it became clear that companies like Ashford, along with other publicly-traded firms, were benefiting from a $660 billion program. |
| Last week, Treasury Secretary Steven Mnuchin said companies had until May 7 to voluntarily return the funds and that firms could be held “criminally liable” if they did not meet the program’s criteria. He said the United States would audit any company that received more than $2 million in loans. | Last week, Treasury Secretary Steven Mnuchin said companies had until May 7 to voluntarily return the funds and that firms could be held “criminally liable” if they did not meet the program’s criteria. He said the United States would audit any company that received more than $2 million in loans. |
| The huge amount of money Ashford and its related companies applied for — more than any other known company — caught lawmaker attention. Senator Chuck Schumer, Democrat of New York and the minority leader, had asked for an investigation into the company’s loans, and Joe Biden, the presumptive Democratic nominee for this year’s presidential race, wrote on Twitter that the firm should give the money back. | The huge amount of money Ashford and its related companies applied for — more than any other known company — caught lawmaker attention. Senator Chuck Schumer, Democrat of New York and the minority leader, had asked for an investigation into the company’s loans, and Joe Biden, the presumptive Democratic nominee for this year’s presidential race, wrote on Twitter that the firm should give the money back. |
| Ashford Inc. and related companies announced on Saturday that they would return the funds by the government’s May 7 deadline, saying the Small Business Administration’s rule changes, including one on April 30 that suggested that corporate groups should not have access to unlimited funding, had shaken their thinking about whether they qualified. | Ashford Inc. and related companies announced on Saturday that they would return the funds by the government’s May 7 deadline, saying the Small Business Administration’s rule changes, including one on April 30 that suggested that corporate groups should not have access to unlimited funding, had shaken their thinking about whether they qualified. |
| “While we believed then and continue to believe today that we qualify for P.P.P. loans based on the legislation and rule-making in place at the time our applications were submitted,” the company said in its statement, “continuous S.B.A. rule changes and evolving opinions by administration officials have led us to conclude that we may no longer qualify.” | “While we believed then and continue to believe today that we qualify for P.P.P. loans based on the legislation and rule-making in place at the time our applications were submitted,” the company said in its statement, “continuous S.B.A. rule changes and evolving opinions by administration officials have led us to conclude that we may no longer qualify.” |
| The company was one of several large firms that drew public ire after receiving funding that was intended to help smaller companies — like dry cleaners, restaurants and nail salons — keep paying their employees amid the coronavirus-induced shutdowns. Ashford’s ability to receive money became a flash point in large part because the program quickly ran out of its initial $349 billion, drawing long backlogs of unfunded loans and leaving many tinier companies without relief. Congress has since allocated another $310 billion to the program but that money is also expected to be quickly depleted. | The company was one of several large firms that drew public ire after receiving funding that was intended to help smaller companies — like dry cleaners, restaurants and nail salons — keep paying their employees amid the coronavirus-induced shutdowns. Ashford’s ability to receive money became a flash point in large part because the program quickly ran out of its initial $349 billion, drawing long backlogs of unfunded loans and leaving many tinier companies without relief. Congress has since allocated another $310 billion to the program but that money is also expected to be quickly depleted. |
| Ashford Inc. “could not have known that congressional appropriations for the program would be insufficient to cover the needs of all other businesses in the nation that have suffered similar harm,” it said in its statement. | Ashford Inc. “could not have known that congressional appropriations for the program would be insufficient to cover the needs of all other businesses in the nation that have suffered similar harm,” it said in its statement. |
| Ashford is headed by Monty Bennett, a conservative who has donated heavily to Republicans, including supporting Mr. Trump’s 2016 campaign and directly providing more than $150,000 so far to his re-election bid. He had joined the broader hotel and restaurant industry in lobbying for a carve-out that allowed individual properties to apply for help if they employed fewer than 500 people “per physical location.” | Ashford is headed by Monty Bennett, a conservative who has donated heavily to Republicans, including supporting Mr. Trump’s 2016 campaign and directly providing more than $150,000 so far to his re-election bid. He had joined the broader hotel and restaurant industry in lobbying for a carve-out that allowed individual properties to apply for help if they employed fewer than 500 people “per physical location.” |
| Updated June 5, 2020 | |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | |
| Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. | Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. |
| Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home. | Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home. |
| States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. | States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
| Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. | Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. |
| The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. | The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
| If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. | If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. |
| For a time, he and his companies remained determined to hold onto the funding even as other businesses — like Shake Shack and the Los Angeles Lakers — announced that they would return the money. Mr. Bennett had complained that no other government relief was available for the hospitality industry, which has been hit hard by the virus as travelers cancel vacations and business trips. | For a time, he and his companies remained determined to hold onto the funding even as other businesses — like Shake Shack and the Los Angeles Lakers — announced that they would return the money. Mr. Bennett had complained that no other government relief was available for the hospitality industry, which has been hit hard by the virus as travelers cancel vacations and business trips. |
| “We call on Congress, the Treasury Department and the Federal Reserve to provide assistance to the hotel industry to protect jobs and asset values that have been severely impaired as a result of the pandemic and the government’s actions that have followed,” Mr. Bennett said in Ashford’s Saturday statement. | “We call on Congress, the Treasury Department and the Federal Reserve to provide assistance to the hotel industry to protect jobs and asset values that have been severely impaired as a result of the pandemic and the government’s actions that have followed,” Mr. Bennett said in Ashford’s Saturday statement. |
| Mr. Bennett’s hospitality empire is one of several big companies that qualified for the program thanks to an intentional loophole that came after a lobbying push. Ashford pushed back on the idea that it was a “loophole” in its Saturday statement. | Mr. Bennett’s hospitality empire is one of several big companies that qualified for the program thanks to an intentional loophole that came after a lobbying push. Ashford pushed back on the idea that it was a “loophole” in its Saturday statement. |
| “Congress designed the P.P.P. to specifically allow companies that own multiple hotel properties to obtain separate loans for each property as a means to prevent the economic collapse of the hospitality industry,” it said. | “Congress designed the P.P.P. to specifically allow companies that own multiple hotel properties to obtain separate loans for each property as a means to prevent the economic collapse of the hospitality industry,” it said. |