Congressional Bill Breakdown
$377 billion in loans and loan forgiveness for small travel businesses:
- The bill provides small travel businesses (500 employees or less), self-employed individuals, and 501(c)(3) nonprofits with expedited Small Business Administration (SBA) loans made available quickly through local community banks.
$454 billion in federally backed financial assistance for impacted businesses:
- The bill provides assistance to impacted travel businesses and governmental entities through secured loans, loan guarantees and other financial measures to keep workers employed and stay afloat through the worst months of this crisis.
SBA Express Loans:
- For any small businesses, including small tour operators, hotels, attractions, meetings and events, wineries, and more. This bill Increases the maximum loan amount for an SBA Express loan from $350,000 to $1 million. These loans currently have a much faster approval process through SBA.
SBA Interruption Loans:
- Waives collateral requirements and loan fees and defers repayment for at least 6-months. Recipients are eligible for tax-free loan forgiveness for a portion of the loan used cover payroll, rent or mortgage interest, and utilities for the 8-week period after the loan is originated.
Business Tax Relief:
- Eligibility: For any business of any size, sports league, sports team, or DMO organized as a 501(c)(6) or 501(c)(3) organization, as applicable. Includes the Employee Retention Tax Credit, Business Interest Expense Deduction, Qualified Improvement Property, and more.