Travel agencies get a lifeline in USD2 trillion stimulus deal
Cash-strapped travel agencies can get financial support in the $2 trillion Coronavirus Aid, Relief, and Economic Security Act.
Self-employed independent contractors will get unemployment benefits and businesses can apply for loans.
Specifically, travel agencies are able to apply for $25 billion of Eligible for Airline Economic Stabilization Loans, which offer loans or loan guarantees
Additionally there are general small business loans of up to $10 million based on their current revenue and number of employees, and the Small Business Interruption Loans/Paycheck Protection Program.
There is also a further option of the Economic Stabilization Loans for Severely Distressed Sectors, for businesses who cannot secure a SBA loan.
"Over the past few weeks, we have worked hand in hand with our 13,000 members to secure the maximum amount of relief for the travel agency community in this package," said ASTA chief Zane Kerby.
"The fact that agencies are included in the airline assistance portion of the bill is a huge win and means that Congress heeded our call to include our members in any targeted travel industry relief."
ASTA will hold a webinar on Friday detailing the provisions applicable to travel agencies and ICs.
The Act is expected to be signed into law by President Trump within the next few days.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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