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The floodgates opened this week on the second round of federally backed Paycheck Protection Program small business loans for companies struggling during the pandemic.
But a hotel company embroiled in scrutiny during PPP 1.0 has found a different survival plan.
Ashford Hospitality Trust was among a trio of companies tied to Dallas-based hotelier Monty Bennett that took fire for receiving tens of millions of dollars in PPP loans under a $2 trillion relief measure passed early in the pandemic. Critics chided Ashford Trust, a real estate trust owning Ritz-Carlton and W-branded properties, and Bennett, a wealthy businessman, of taking advantage of a program intended to help struggling mom and pop businesses in the global pandemic.