CARES Act Resources

CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT

U.S. Travel Association (USTA)

USTA shared updated policy priorities with congressional leadership for phase 4 legislation. The proposed measures are an important step toward securing relief, protection, and stimulus for the travel industry as it works toward recovery. 

In summary, these requested measures are:

  • Provide long-term relief until recovery is possible 
  • Provide meaningful federal grants to promote safe and healthy travel practices 
  • Provide a limited safe harbor for businesses following health and safety guidelines
  • Enact meaningful tax relief and recovery provisions 
  • Develop a national strategy to expand COVID-19 testing 
  • Provide additional emergency assistance to U.S. airports 

USTA has created a new advocacy toolkit that includes regularly updated social graphics, fact sheets, talking points, and other assets to help amplify the travel community’s collective voice. 
 

The USTA offers detailed documents outlining important and relevant information available for the industry within the CARES Act. Details including eligibility for aid can be found here, or via this guide, along with guidance for small business owners. Information regarding additional CARES Act stimulus opportunities can be found here

 

Paycheck Protection Program (PPP) Flexibility Act of 2020

The PPP Flexibility Act makes a number of retroactive improvements to the PPP, giving business owners more flexibility and time to use loan money. The reform bill includes:

  • 24-week covered period (instead of 8)
  • 60/40 split (instead of 75/25)
  • Loan forgiveness still possible if Full-Time Employees won’t come back, or if revenue in December 2020 is below February 2020 levels
  • Five-year loan repayment terms for future PPP loans
  • Payroll tax deferment restored

The National Restaurant Association analysis of how the bill changes PPP for current users can be found here

 

Main Street Lending Program

The Federal Reserve made changes to its Main Street Lending Program allowing more small and medium-sized businesses to be able to receive support. Amendments to the program include lowering the minimum loan amount, raising the maximum loan limit, adjusting the principal repayment schedule to begin after two years, and extending the term to five years, which provides borrowers with greater flexibility to repay the loans. For more information on the Main Street Lending Program, please refer to the USTA fact sheet

 

Community Development Block Grants (CDBG)

The CARES Act provides $5 billion in additional funding for the Department of Housing and Urban Development’s Community Development Block Grant (CDBG) program to help states and local governments respond to the coronavirus outbreak. The funds are available until Sept. 30, 2022, and can be used for a variety of purposes – including support for the tourism sector. A full summary of eligible CDBG uses can be found here. To request a subgrant, sample letters are available here, and to request a waiver from the Secretary of Housing and Urban Development (HUD) for tourism promotion, visit here. For region-specific stats on the economic impact of travel to use within your request, click here.

 

Economic Development Administration (EDA)

EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) program, provides a wide range of financial assistance to communities and regions as they respond to, and recover from, the economic effects of the coronavirus pandemic. 

The EDA  has released a notice of funding opportunity (NOFO) outlining eligible entities, projects, and activities for the $1.5 billion in grants provided under the CARES Act. State and local governments, nonprofit organizations and tribes, and travel and tourism-related marketing campaigns are all included.

 

The Virginia 30 Day Fund Offers Immediate Small Business Loans

The non-profit Virginia 30 Day Fund, launched by technology entrepreneur Pete Snyder and his wife, provides immediate financial assistance for Virginia-based small businesses to meet payroll, preserve healthcare coverage for employees, and save jobs until federal funding arrives. The fund will provide up to $3,000 to each approved small business. Recipients do not have to repay the money and instead are asked to pay it forward in the future. To learn more and apply, click here

 

Greater Williamsburg Chamber & Tourism Alliance 

Visit the Sustainability and Recovery Resource Center for local, state, and national resources. 

 

Last Updated:  7/29/20