The leisure and hospitality industry have been noted as the highest hit sector resulting from the COVID-19 pandemic.
We hope you have already begun the process of gathering financial support for your property and business during the COVID-19 pandemic, but if you are struggling to get started, here are some first steps to help you prepare for your road to recovery now, while you are waiting for travelers to begin to return to your area.
Step 1: Request Mortgage Deferment
Contact your mortgage lender. Most innkeepers are finding relief of 3 – 6 months deferment on their mortgage payments. Make sure to ask and understand the reimbursement guidelines.
Step 2: Investigate SBA (Small Business Administration) Programs
Based on the newly signed CARES act, the Small Business Administration will be implementing new resources and programs for Innkeepers during this time. Those resources may be accessed below:
- Information regarding your current or potential SBA loan [CLICK HERE]
- Unfamiliar to SBA loan programs and looking to learn more [CLICK HERE]
Step 3: Search out State Level Resources and Financial Support
Reach out to your state hospitality groups for additional assistance. Many of these groups are providing excellent resources and loan options for small businesses in their individual states.
- Find resources for your state [CLICK HERE]
Step 4: Apply for CARES Relief
The Coronavirus Aid, Relief, and Economic Security (CARES) act was passed into law on Friday, March 27th, 2020. The CARES act is intended to assist small business owners with their immediate financial needs. This assistance will begin as a loan and convert into a grant if all the guidelines for use of the money are followed. Contact your local lender for more information.
The CARES Act is intended to cover:
- Payroll costs, including paid sick, medical, or family leave and costs related to the continuation of group health care benefits during those periods of leave
- Employee salaries commissions, or similar compensations
- Payments of interest on any mortgage obligation
- Rent (including rent under a lease agreement)
- Any other debt obligations that were incurred before the covered period
Acorn Internet Services is committed to supporting both our individual clients and the Innkeeping industry as a whole during this incredibly difficult time.
A FREE OPPORTUNITY for ALL Innkeepers (Acorn and Non-Acorn Clients)
You may submit your Inn and/or your story to support-small-biz.com. This is a new website developed and dedicated by Acorn Internet Services, Inc. to support our industry in light of the COVID-19 pandemic. This site encourages visitors to support small businesses like yours by purchasing a gift certificate. This pay-it-forward opportunity can help provide you with vital cash flow NOW while allowing guests to travel LATER, once travel in America resumes to normal.
All Advantage Plan Clients
Step 1: Log into dashboard.acorn-is.com to access the on-going updated list of COVID-19 recovery resources.
Need help logging in? E-mail email@example.com for assistance.
Step 2: Attend our ongoing Friday COVID-19 recap webinars for the latest weekly updates impacting your business.
Advantage Plan Clients Level 3 and Level 4
If you haven't done this already, please contact your Project Manager to work with you to create an individual action and recovery plan to rebuild your business downturn resulting from the impact of COVID-19.
Inn at Woodhaven received PPP loan 4-28-2020