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
Paycheck Protection Program
NEW: The Paycheck Protection Program re-opened 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.
- NEW: First Draw Borrower Application (Updated 1/8/21)
- NEW: Second Draw Borrower Application (Released 1/8/21)
The Small Business Administration recently released new regulations for the Paycheck Protection Program:
- Top-Line Overview of First Draw PPP Loans (Released 1/8/21)
- Top-Line Overview of Second Draw PPP Loans (Released 1/8/21)
- Second Draw Paycheck Protection Program (PPP) Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide (Released 1/19/21)
- How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide – By Business Type (Released 1/17/21)
- Procedural Notice – Modifications to SBA Forms 3506, 3507 and 750 CA (Released 1/8/21)
- Procedural Notice - SBA Procedural Notice on Repeal of EIDL Advance Deduction Requirement (Released 1/8/21)
- Letter from the Administrator: SBA Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns (Released 1/6/21)
- Interim Final Rule: Paycheck Protection Program as Amended by the Economic Aid Act (Released 1/6/21)
- Interim Final Rule: Paycheck Protection Program Second Draw Loans (Released 1/6/21)
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.
U.S. Travel will be providing details on who can access these programs, how to apply and other critical information in the coming days.