“The Senate and House will soon pass the final phase 3 coronavirus bill, referred to as the CARES Act, but more work is needed to ensure that this relief – which is intended to be a bridge – is extended quickly and helps as many travel businesses as possible
What is included in the CARES Act at a high level?
Help for Small Businesses and Non-Profit Organizations: Provided through $377 billion in loans and
loan forgiveness.
Help for Severely Impacted Industries and State and Local Governmental Entities: Provided through
$454 billion in loans, loan guarantees and other financial instruments.
Business Tax Relief: For the current tax year and previous tax years.
Help for Affected Workers: Provided through cash payments, tax relief, and unemployment insurance
benefits.
Help for Hospitals, Healthcare Workers, and Infected Individuals: Provided through grants and other
forms of relief.
Help for States, Local Government, and Transportation: Provided through grants, including direct
support for the tourism industry and airports.
Once enacted, agencies will have to issue regulations to make the benefits available. U.S. Travel will engage
with the Department of Treasury, the Small Business Administration and the Federal Reserve to provide guidance and ensure that our members have access to capital as quickly.”’
-U.S. Travel Association, U.S. TRAVEL SUMMARY OF THE CARES ACT (H.R. 748)