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.
