On December 22, 2020 Congress passed a year-end funding bill that included the COVID-19 Emergency Relief Package. The legislation provides access to relief programs and offerings that will help the travel industry, including:

  • Paycheck Protection Program
  • Economic Injury Disaster Loan Program
  • Live Venue Grant Program
  • Employee Retention Tax Credit
  • Coronavirus Relief Fund
  • Grants for airports and concessionaire relief
  • Troubled Debt Restructuring
  • Airline Payroll Support Program
  • Unemployment Insurance
  • Business Meal Expense Deduction

A more comprehensive summary can be found here.

Paycheck Protection Program

NEW: The Paycheck Protection Program will re-open to small lenders on January 15 and all lenders on January 19 at 9 a.m. ET. More details available via U.S. Department of Treasury or the Small Business Administration.  

The Small Business Administration recently released new regulations for the Paycheck Protection Program:

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

The program includes $15 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.

More information can be found here


U.S. Travel will be providing details on who can access these programs, how to apply and other critical information in the coming days.


WEBINAR

On Thursday, 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.