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Morgan Baker | 01/12/2021 | Industry Newsletter

COVID Relief Bill Passed

Congress passed the $900 billion year-end funding bill that includes a COVID-19 recovery package providing specific relief for the tourism industry. The Small Business Administration is expected to post a new Payroll Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) as early as the first week of January. 

Relief for small businesses and travel industry includes: 

  • PPP Eligibility for 501(c)(6) Organizations: 501(c)(6) non-profits were previously left out of the CARES Act funding. The new bill expands Paycheck Protection Program (PPP) eligibility to both nonprofit and quasi-governmental destination marketing organizations (DMOs and Chambers) with 300 employees or less (full-time and part-time combined).

  • Guide to Small Business COVID-19 Emergency Loans: The U.S. Chamber of Commerce has created a new Guide to Small Business COVID-19 Emergency Loans to answer FAQs on the recently expanded Payroll Protection Program (PPP), the Economic Injury Disaster Loans (EIDL) Programs and the Employee Retention Tax Credit. 
    • U.S. Chamber of Commerce has a great breakdown of relief funding changes and how to take the next steps for your business. Watch the recorded webinar here.

  • Second Round of PPP Loans: Businesses with 300 employees or less and a 25% decline in revenue in any quarter in 2020 may receive a second PPP loan of up to $2 million.

  • $15 Billion in Grants to Concert Venues, Performing Arts Centers, Theaters and Museums with 500 or less full-time equivalent employees and at least a 25% decline in revenue, among other qualifications.

  • Extension of the Employee Retention Tax Credit through July 1, 2021. 

  • $2 Billion in Grants for Airports and Airport Concessionaires: Including $1.75 billion in grants for commercial service airports and $200 million for airport concessionaire relief.

  • Full Deductibility of Business Meal Expenses incurred in 2021 and 2022.

You can find a full summary of included travel provisions provided by the U.S. Travel Association. U.S. Travel Association has a new webpage dedicated to funding relief for travel organizations. 

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Please Note: All Oregonians and visitors over the age of five, regardless of vaccination status, are required to wear masks in indoor public settings and in outdoor settings in which individuals from different households are unable to consistently maintain physical distance. Click here to learn more.
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