U.S. Travel Association
As the Senate prepares to take an important vote on the coronavirus relief package today, it is critical that we have as many travel voices as possible communicate with Congress today about the impact this is having on our industry. In particular, it is more important than ever to urge Senate Democrats, Senate leadership and Speaker Pelosi to meet the needs of travel businesses and travel workers as they finalize this package.
Thank you to those who have already submitted an action alert—please consider resubmitting an alert TODAY that includes the below industry-specific recommendations and ask your colleagues and your network to do the same.
Key provisions to request include:
- Support for small businesses through the worst months of this economic shutdown.
- Increasing the maximum loan size: Allow the maximum loan size for SBA interruption loans to be based on four times the cost of payroll, rent and mortgage interest, up to $10 million
- Increasing loan availability: Increase appropriations for the program to $500B to ensure businesses have access without additional need for legislation
- Expanding eligibility to include all non-profits: Allow all tax-exempt organizations under Section 501(c) of the tax code to apply for SBA interruption loans under Title I, including 501(c)(6) and 501(c)(7) organizations. Nonprofits in travel and tourism, particularly convention centers and destination marketing organizations that rely on hotel and room taxes, have been particularly hard hit.
- Ensure the hardest hit travel companies qualify for loans: Lending enabled through Treasury Department should be made with the same terms and conditions as SBA business interruption loans, including no collateral requirements. Businesses suffering from the worst of this economic crisis should have more lenience in collateralization to ensure they are not required to offer up everything that’s left in order to qualify for assistance.
TAKE ACTION: WE NEED YOUR HELP
In times like these, it is important for Congress to hear from their constituents about the impact a decline in travel is having on local workers and businesses. Your outreach is critical to U.S. Travel’s advocacy efforts that will inform policymaking and inspire congressional action.SHARE YOUR STORY
For more resources, ideas and sample resources to amplify our industry’s voice, please click here.