Big hospitality firm Ashford returns coronavirus small business loan money

PPP program aims to help small businesses through the coronavirus pandemic

Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.

Continue Reading Below

(Reuters) - Ashford Group of companies will return $58.7 million provided by the Small Business Administration's (SBA) Paycheck Protection Program (PPP), the company said in a statement on Saturday.

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

Monty Bennett is chairman of Ashford, Inc.

The group’s publicly traded companies overseen by Dallas hotelier Monty Bennett include Ashford Inc, Ashford Hospitality Trust Inc and Braemar Hotels & Resorts Inc.

CLICK HERE TO READ MORE ON FOX BUSINESS

The PPP program aims to helping small businesses through the coronavirus pandemic.