The Coronavirus Aid, Relief, and Economic Security (CARES) Act has been signed into law. This Act provides additional assistance for small business owners, including the opportunity to receive up to a $10,000 Advance (which does not have to be repaid) on the Economic Injury Disaster Loan (EIDL) for emergency capital. The Small Business Administration (SBA) is updating its system to implement this provision so small businesses can request an EIDL advance when they apply for the loan. This update will be available in the coming days.
In the interim period, you can still apply for a full Economic Injury Disaster Loan (EIDL), but will need to reapply for the Advance when the system is updated with a streamlined application. Once updated, the Advance will be included in your EIDL application process. More information can me found here.
If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.
U.S. Travel hosted a webinar earlier today to walk our members through the provisions of the CARES Act for which travel industry companies are eligible. Please see helpful resources below—all of which are also available on our CARES Act resources page—to ensure as many travel companies as possible are equipped to take advantage of the assistance available and provide guidance on how to navigate the recently passed relief package.
Please feel free to re-distribute and share all the resources through your networks.
Our page also includes other official resources from the Small Business Administration, House Small Business Committee, U.S. Department of Labor and Department of Homeland Security, among other materials.
In the webinar, U.S. Travel's government relations team shared detailed information about the following CARES Act provisions, including who is eligible, what kind of financial assistance is provided and how companies can apply, as well as any outstanding questions or direction still to come from the administration:
Other CARES Act Resources
U.S. Travel's CARES Act page has a host of other resources as well, most notably a Guide to CARES Act Eligibility that can walk you through exactly what your organization is eligible for:
Please feel free to continue to submit your specific questions about the CARES Act here—we will do our best to answer all of them and continue to do everything we can to get our industry the assistance it needs.