The American Rescue Plan Act (March 2021) and the End of Year Omnibus Bill (December 2020) include access to relief programs and offerings that will help the travel industry:
- Paycheck Protection Program: Applications Now Closed
- Employee Retention Tax Credit
- Shuttered Venue Operator Grants
- SBA Express Loans
- Economic Injury Disaster Loan Program
- Coronavirus Relief Fund
- Restaurant Revitalization Fund: Applications Now Closed
- Coronavirus State and Local Fiscal Recovery Funds
- EDA Grants for Tourism
- Grants for airports and concessionaire relief
- Troubled Debt Restructuring
- Airline Payroll Support Program
- Unemployment Insurance
- Business Meal Expense Deduction
Learn about the travel-related highlights of the American Rescue Plan Act or the comprehensive summary of the December 2020 omnibus bill.
Paycheck Protection Program
The Paycheck Protection Program (PPP) provides forgivable loans of up to $10 million (1st Draw Loan) or $2 million (2nd Draw Loan) to eligible entities through banks and credit unions. The PPP application portal is now closed. More details available via U.S. Department of Treasury or the Small Business Administration.
- First Draw Borrower Application (Updated 3/18/21)
- Second Draw Borrower Application (Released 3/18/21)
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First Draw and Second Draw PPP Borrower Application Forms for Schedule C Filers Using Gross Income (Released 3/18/21)
The SBA announced that 501(c)(6) organizations should use the Lobbying Disclosure Act (LDA) to calculate “lobbying activities” for a PPP loan application. Read SBA’s FAQ page 24-25 for more details.
Useful resources from the Small Business Administration:
- Top-Line Overview of First Draw PPP Loans
- Top-Line Overview of Second Draw PPP Loans
- Slides: PPP Revisions to Loan Amount Calculation and Eligibility for First and Second Draw Loans (Released 3/4/21)
- PPP FAQ for Lenders and Borrowers (Released 3/3/21)
- Interim Final Rule: PPP as Amended by American Rescue Plan Act (Released 3/18/21)
- Second Draw Paycheck Protection Program (PPP) Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide (Released 3/12/21)
- How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide – By Business Type (Released 3/12/21)
EDA Grants
The Economic Development Administration (EDA) will provide $3 billion in grants to eligible entities to respond to the economic effects of the pandemic including $750 million for communities impacted by job loss in the travel, tourism, or outdoor recreation sectors.
SBA Express Loans
The cap on SBA Express Loans has increased from $350,000 to $1 million until October 1, 2021. More details can be found here.
Employee Retention Tax Credit (ERTC)
The refundable Employee Retention Tax Credit is available to employers through July 1, 2021. More details can be found here.
Shuttered Venue Operators Grant (SVOG)
The program includes $16.2 billion in grants to shuttered venues, to be administered by SBA's Office of Disaster Assistance. Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million.
Eligible entities include:
- Live venue operators or promoters
- Theatrical producers
- Live performing arts organization operators
- Relevant museum operators, zoos and aquariums who meet specific criteria
- Motion picture theater operators
- Talent representatives, and
- Each business entity owned by an eligible entity that also meets the eligibility requirements
Now Available: Shuttered Venue Operators Grants Frequently Asked Questions (April 6)
CLICK HERE TO APPLY. More information can be found here or you can watch the recording SBA's Shuttered Venue Operators Grant Overview webinar here.
Economic Injury Disaster Loan (EIDL) Program
The Small Business Administration’s (SBA’s) Economic Injury Disaster Loan Program provide loans and/or grants to eligible employers to cover working capital needs. Borrowers can also request an increase to an existing EIDL when they log into their SBA EIDL account. Click here to apply for a loan.
Coronavirus Relief Fund (CRF)
Congress provided $150 billion to states and local governments through the Coronavirus Relief Fund (CRF). Funds have already been allocated to states, territories, tribal, and local governments for them to use at their discretion. To find information on how much each prime recipient received and has left to spend, please visit here.
Coronavirus State and Local Fiscal Recovery Funds
The Coronavirus Fiscal Recovery Funds provide $350 billion to state and local governments to address the fiscal effects of the pandemic through 2024.
NOTE: The programs have not yet become operational, with many details pending rulemaking by the Treasury Department.
Restaurant Revitalization Fund (RRF)
The U.S. Small Business Administration (SBA) will provide grants to eligible food service businesses through the Restaurant Revitalization Fund. The RRF application portal is now closed.
WEBINARS
On Tuesday, March 16, our government relations team walked through the travel-related provisions included in the American Rescue Plan Act and shared an overview of how to access available relief. You may view the slides or watch the full recording below.
On January 7, U.S. Travel's government relations team held a webinar to walk through the new legislation and answer questions. You may view the slides or watch the full recording below.