Some big hospitality companies have said they will return loans they received under the Paycheck Protection Programme, aimed at helping small businesses, but three publicly traded hotel companies tied to one Texas businessman are refusing to give back millions of dollars.

The three hotel companies applied for $126 million in loans to protect jobs and received $69 million, but have furloughed or laid off 90% of their workforce.

The PPP is intended to help small businesses with fewer than 500 employees, and its initial $349 billion in funds ran out last week. Final approval has since been given to a further $310 billion along with new guidelines implying that unless a company can prove it was truly eligible for a loan, the money should be returned by May 7.

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