Budget, Policy & Stimulus News For March 23

Credit: Gallagher

Budget, Policy & Stimulus News

New PPP Extension Leads to Pushing for Bigger Loans

The House last week passed the PPP Extension Act of 2021. If approved and signed into law, the measure will extend the Small Business Administration’s Paycheck Protection Program to May 31st. Advocates are trying to use the additional time to give newly-added qualifying businesses the opportunity to receive a larger loan. They are seeking to make the new qualifications announced in February retroactive, which would let businesses that applied for smaller amounts under the old cap now receive the larger difference. (Source)

Economic News

Retail Rent Collections Rebound

February retail rent collections for national retailers exceeded 90 percent for the first time since March 2020, according to Datex Property Solutions. Non-national retailers had a minor fall to 80.76 percent, compared to 80.79 percent in January. Overall retail rent collections for February were 85.6 percent. (Source)

Resort and Value Hotels May Recover Fastest

While the U.S. hospitality industry isn’t expected to see 2019 occupancy and revenue levels again until 2025, recent reports suggest hotels in the resort and value sectors could recover more quickly. Resort and select-service hotels in the Sunbelt and leisure destinations within driving range of urban centers will likely recover first. (Source)

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