The U.S. Travel Industry Association has announced on Friday that, as the coronavirus (COVID-19) pandemic continues to wreak havoc on the industry, the U.S. travel industry has submitted a new list of policy requests to Congress.
Extension of the coverage period through the end of the year and adding $600 billion to the Paycheck Protection Program (PPP) is included in the policy measures. The policy also includes the bookings and losses like of all the day trips from Dar es Salaam and others.
For the local and regional destination marketing organizations (DMOs) and also for the small businesses for less than 500 employees operating multiple locations, the U.S. travel wants the lawmakers to expand the eligibility for the PPP.
Additionally, the organization is pushing Congress to revise the PPP eight times a business’ monthly outlays on maximum loan calculation compared to 2.5 and allow covering both the expenses of non-payroll and payroll.
It also includes the revision to increase Economic Injury Disaster Loan (EIDL) funding to $50 billion and providing the loan forgiveness to large businesses under Exchange Stabilization Fund (ESF)
U.S. Travel President and CEO Roger Dow said in the statement that the urgent problem is regarding the assistance which is simply not getting where it needs to go where the CARES Act was an ambitious step.
He also added that to support small businesses, major adjustments and more aids are required immediately including the local non-profit which are important parts of the travel economy that employs one in 10 Americans.
He added that Congress must supplement and correct the CARES Act with additional rounds of aids. For an economic recovery, travel-related small businesses are very important but they need to survive until the point of the demand for travel returns. Amsterdam romantic boat tour will get started first after the return of travel demand.
These businesses must be able to access the resources that will retain their employees to make it possible. Nearly 5.9 million travel industry jobs are lost by the end of April as per the figures from analytics firm Tourism Economics.