Tourism Businesses Can Benefit from New Government Programs
Governments across the globe are responding to the COVID-19 crisis by putting in place new programs and policies aimed at stabilizing local economies. Tourism businesses can benefit from these actions and Tripadvisor is here to help you navigate them.
Last updated: 4/16/2020
The economic fallout of the Coronavirus, or COVID-19, has touched every community and corner of the globe, perhaps most deeply impacting the $5.6 trillion global tourism market. Tourism-based businesses of all sizes, but especially small businesses are confronting an unprecedented uptick in canceled bookings, rescheduled events, lost room nights, shuttered restaurants, travel bans and more.
Governments are taking steps to counterbalance the negative economic impacts of COVID-19; but these massive efforts can be hard for tourism businesses to track. Tripadvisor is committed to helping its global community of experiences’ providers navigate government relief efforts to ensure our community remains strong.
Below are some of the new government programs and policies to help your business withstand the impact of COVID-19. Much of this crisis funding is available temporarily and offered on a first-come-first-served basis, so be sure to use the links below to understand which programs you and your business might benefit from:
The US Government, in response to the COVID-19 crisis, has enacted new programs and policies to promote economic stabilization, especially among small and independent businesses. The most recent effort came with the passage of the CARES Act on March 27. This massive $2 trillion dollar bill included important provisions that small tourism businesses should be aware of.
- Paycheck Protection Program: The CARES Act creates the new Paycheck Protection Program to provide forgivable loans aimed at incentivizing small businesses to keep employees on payroll. New applications for the Paycheck Protection Program are on hold pending additional funding from the US Congress. Visit the Small Business Administration to learn more about the Paycheck Protection Program and stay informed on program developments.
- Emergency Funding Advances: The CARES Act provides affected small businesses with emergency loans of up to $10,000 that do not need to be repaid if certain conditions are met. The Small Business Administration’s Economic Injury Disaster Loans page provides additional information.
- Tax Incentives: The CARES Act authorizes several tax incentives and policy changes that may benefit small businesses, including an employee retention tax credit. Additionally, the Families First Coronavirus Response Act previously authorized tax incentives for small businesses providing coronavirus-related paid leave to employees. Check the IRS’s Coronavirus tax relief page to explore how you might benefit.
- Unemployment Insurance: In addition to increasing unemployment insurance benefits, the CARES Act creates the Pandemic Unemployment Assistance program to extend the list of unemployment insurance beneficiaries to include the self-employed, independent contractors, and gig workers. Learn more about whether you or your employees might qualify for the Pandemic Unemployment Assistance Program and how you can access the expanded benefits in your state.
- Direct Payments to Qualifying Citizens: The CARES Act included fast and direct relief in the form of one-time Economic Impact Payments for qualified Americans. The IRS has published additional details on Economic Impact Payment qualifications and payment timelines.
- Small Business Administration’s COVID-19 Small Business Guidance and Loan Resources provides an overview of the SBA programs available to small businesses.
- Small Business Administration’s State-by-state local assistance finder and can help you locate support locally and the Paycheck Protection Program lender locator can help you identify a lender.
- The Department of Labor’s guide to state employment programs and services includes links to apply for your state’s unemployment insurance program.
- The US Chamber of Commerce has compiled an Emergency Loan Small Business Guide and Checklist that small businesses can use to assess SBA eligibility, benefit, and terms.
- The high-level Program Eligibility Overview compiled by the US Travel Association provides a comprehensive overview of the major COVID-19 government assistance programs.