subsubzero parent
Essentially think of it as a lifeline for a year, they are prepared for things to be rough for a while. Now if the virus persists and things are still as crazy now as late into the summer/fall all these hosts who bought a few houses for airbnb rentals begin to lose the houses to defaults. Millions laid off don't have money to travel for hotels or airbnb rentals and those that do are afraid due to virus concerns. What seemed like a total bulletproof business model is falling apart. But that's if things stay bad for awhile. I truly hope not but the loan keeps them solvent.
Crazy prediction: Airbnb offers financing to leveraged hosts who will decimate the supply side of the marketplace if they lose their property.
Like a Stripe loan, but for the house you bought to Airbnb.
When the market comes back all the loans are sold off (collateralized or just packaged up) and Airbnb can service their original debt with the spread.
But that's if things stay bad for awhile.
Tourism was the first sector to suffer in this crisis and my guess is it will be the last to recover.