Major Texas-based PPP recipient now says it will return loans

Dallas-based Ashford Inc. and its affiliated companies said on May 2 that they will now return all Paycheck Protection Program loans the companies have received. 

Ashford Inc. (NYSE: AINC), Ashford Hospitality Trust (NYSE: AHT) and Braemar Hotels & Resorts Inc. (NYSE: BHR) will return the SBA loans on or before May 7. The PPP loans were part the CARES Act passed last month.

Ashford said it was returning the loans, “due to the agency’s recently changed rules and inconsistent federal guidance…