The Coronavirus Relief Package Passed. How Do You Access Funding?
April 01, 2020 By Roger Dow, Former President and CEO, U.S. Travel Association
While much work remains, last week’s passage of the CARES Act was a good first step in providing immediate and essential funding for our industry to weather the coronavirus crisis.
Several major provisions in the bill include:
- Loans and loan forgiveness for small travel businesses
- Federally backed financial assistance for impacted businesses
- Tax relief to mitigate losses and spur recovery
- Grants for impacted tourism businesses and airports
The question so many of you have: how does your organization access these funds?
U.S. Travel has created several documents to inform your next steps. You can view the details of the bill and your eligibility for aid here, or use our guide to navigate which provisions of the CARES Act apply to your organization. Our website also contains an overview for small business owners.
The Treasury Department, unfortunately, does not have a timeline for when the procedure for distributing these funds will be finalized. We are urging the federal government and key agencies—and calling on Congress for assistance—to resolve these details within 10 days. We need a process that is clear, concise and will allow resources to get to organizations and workers as quickly as possible.
We are also working aggressively to shape “Phase 4” of coronavirus relief—which is already under discussion in Congress—to address the still-dire needs of travel employers and workers.
As U.S. Travel receives this information, documents will be updated and added to our website ustravel.org/ReliefResources. Please also see U.S. Travel’s latest webinar recording for a more in-depth breakdown of the CARES Act provisions.
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