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:

A more comprehensive summary can be found here.

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 current application deadline for PPP loans is March 31, 2021. More details available via U.S. Department of Treasury or the Small Business Administration.  

NOTE: From February 24 to March 9, only businesses with fewer than 20 employees can apply for the PPP.

NEW: 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 27-28 for more details.

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 (SVOG)

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. 

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 (January 27)

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.


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.