The CARES Act, the largest economic relief package in our nation’s history, was signed into law on March 27 and includes major provisions U.S. Travel fought for to deliver economic support to travel businesses, travel workers and their families.
What Assistance Are You Eligible For?
Reference our Guide to CARES Act Eligibility to navigate which part of the CARES Act applies to your organization.
Looking for more information for a 501(c)(6) organization? CLICK HERE
HOW MUCH IS OFFERED AND HOW CAN YOU APPLY?
Once you determine your eligibility, reference our fact sheets that provide detail on the funding programs.
- Application for Borrowers
- Treasury Top-Line Overview
- PPP Fact Sheet for Borrowers
- SBA Overview
- State by State Lenders
- Information is not yet available on the types of assistance that will be offered, who qualifies and how to apply.
- U.S. Travel is working with the Treasury Department and Federal Reserve to ensure assistance is available soon.
- Find out who Administers the CDBG Program in Your Area
- CDBG Entitlement Program Eligibility Requirements
- Section-by-Section Summary of Business Tax Provisions
- IRS: Employee Retention Tax Credit Overview
- General Coronavirus-Related Tax Benefits
- IRS: Employee Retention Credit FAQ
- Sen. Chuck Grassley: Employee Retention Credit FAQ
How Do I Receive Unemployment Insurance and Paid Leave?
Click here to find lenders available by state and region from the Small Business Administration.
WEBINAR: On Monday March 30, U.S. Travel's government relations team hosted a webinar detailing what the CARES Act means for the travel industry. You can watch the full recording or review the slide deck.
Highlights of the CARES Act include:
- $377 billion in loans and loan forgiveness for small travel businesses: The bill provides small travel businesses (500 employees or less), self-employed individuals, and 501(c)(3) nonprofits with enhanced and expedited Small Business Administration (SBA) loans, which will be made available quickly through community banks. Loan recipients can receive tax-free forgiveness on a portion of the loan, equal to eight weeks of payroll and other expenses.
- $454 billion in federally backed financial assistance for impacted businesses: The bill provides $454 billion through the Treasury Department and Federal Reserve to assist impacted travel businesses and governmental entities through secured loans, loan guarantees and other financial measures. The broad eligibility under this program ensures any impacted organizations can access a liquidity lifeline to keep workers employed and stay afloat through the worst months of this crisis.
- Tax relief to mitigate losses and allow businesses to use cash to pay employees and keep the lights on: The bill allows affected businesses to temporarily defer tax liability, access an Employee Retention Tax Credit, delay or eliminate estimated quarterly tax payments and filings deadlines, and allow for a carryback of the Net Operating Loss (NOL) Deduction.
- Grants for impacted tourism businesses and airports: The bill provides $10 billion in airport grants to support vital operations and provides $6.5 billion in Community Development and Economic Development Administration grants for economic injuries caused by COVID-19, including the tourism industry.
The CARES Act is an important step forward toward delivering broad-based relief across our industry, but there’s more work to do as Congress prepares for another legislative relief package. We will continue to fight to ensure every segment of our industry gets the help it needs.
Page last updated April 1, 2020