On Wednesday, Congressional leadership and the Trump Administration came to agreement and released the text of a massive $2 trillion coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. While it is expected to pass both chambers of Congress and be signed into law by President Trump in the coming days, it is possible that additional changes might be made.
For the time being, provisions of the CARES Act that will provide relief to the travel agency industry, its employees and independent contractors (ICs) include:
- Travel Agencies Eligible for Airline Economic Stabilization Loans ($25 billion) – Under the bill, the Treasury Secretary is authorized to make up to $25 billion in loans, loan guarantees and other investments in support of passenger airlines, “ticket agents” (the statutory term for travel agencies) and other related aviation businesses.
- Small Business Interruption Loans/Paycheck Protection Program ($349 billion) – Under this new U.S. Small Business Administration (SBA) loan program, loans of up to $10 million will be available to U.S. businesses under the existing SBA size standards ($22 million in annual revenue) or with 500 or fewer employees….