May 2 (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.”
The group’s publicly traded companies overseen by Dallas hotelier Monty Bennett include Ashford Inc, Ashford Hospitality Trust Inc and Braemar Hotels & Resorts Inc .
The PPP program aims to helping small businesses through the coronavirus pandemic.
Reporting by Aishwarya Nair in Bengaluru; Editing by Cynthia Osterman