U.S. Travel says yes to passage of PPP enhancements
U.S. Travel Association Executive Vice President of Public Affairs and Policy Tori Emerson Barnes issued the following statement on the U.S. Senate’s passage of H.R. 7010, the package of Paycheck Protection Program enhancements that had been previously approved by the House:
“The PPP changes passed by both chambers are another important step in providing relief to small businesses that otherwise will not survive until the economic recovery phase.
“The modification to the portion of funds that can be used for non-payroll expenses is especially crucial to travel-related small businesses, which have comparatively high capital overhead but virtually zero incoming revenue because of the necessary measures in place to stem the spread of the pandemic…While this measure does a good job making the PPP work better for businesses that are eligible, other PPP enhancements will be needed to make sure all the key pieces are in place when the recovery begins—in particular, extending eligibility to non-profit and quasi-governmental entities that are vital drivers of local and regional economic development. Like the businesses they serve, the finances of these non-profits have been devastated by the standstill in travel and tourism, and the moment of recovery will be moot unless they can keep their lights on to take advantage of the return in travel demand.”
Israel offers US$86M boost to hotel sector
Israel ministers of finance and tourism Israel Katz and Asaf Zamir have announced a NIS300 million (US$86 million) aid package for the domestic hotel sector. The move comes following a meeting between the ministers and representatives of the tourism industry. Israel has sealed its borders to foreign arrivals – a measure that has been put in place to prevent the spread of the coronavirus since March. It is hoped the cash can also reduce future dependency on overseas tourism.