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The travel industry is in shambles. Hotel workers and CEOs are furious with Congress for failing to help

October 16, 2020. Summarized by summa-bot.

The hotel industry is crumbling -- and Uncle Sam may not be coming to the rescue.

New York (CNN Business)The hotel industry is crumbling -- and Uncle Sam may not be coming to the rescue.

"If we don't get a vaccine soon and business doesn't return, it's going to get much worse," Best Western CEO David Kong, the industry's longest-serving CEO, told CNN Business.

Kong, who in March met with President Donald Trump at the White House to discuss federal aid, expressed deep frustration with the leaders of Congress for failing to reach a bipartisan agreement on another round of fiscal stimulus.

"We're putting them out on the street during a pandemic," Kong said.

With stimulus talks stalled, leading hotel CEOs wrote a letter to Trump on Thursday pleading for help.

"Your engagement is desperately needed to support struggling businesses, stem the impending wave of foreclosures and save millions of jobs," the hotel CEOs wrote.

Pelosi wrote a letter to House Democrats Thursday explaining that beyond the dollar amount, key differences remain over a strategic plan to fight the pandemic as well as funding for state and local government, support to small businesses and childcare funding.

The CNN Business Recovery Dashboard shows that hotel occupancy is down by nearly a third from pre-crisis levels.

In the industry letter on Thursday, the hotel companies asked the Trump administration to encourage the Federal Reserve to modify and expand the Main Street Lending Program.

Kong, the Best Western CEO, complained that the lending guidelines for Main Street are too restrictive.

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