FEDERAL UPDATE

As discussed in our call earlier today, we are providing additional information on federal actions as of this afternoon.

  • Paycheck Protection Program Application Portal is now live. Eligible small businesses and nonprofits can begin applying for these loans beginning on April 3, 2020. We expect additional guidance on how the program will be administered to be released as early as tomorrow.  
  • For a top-line overview of the program CLICK HERE
  • If you’re a borrower, more information can be found HERE
  • The application for borrowers can be found HERE starting April 3.
  • PPP FAQs for Small Business, prepared by the US Senate Committee on Small Business (here)
  • Earlier today, the Small Business Administration (SBA) released its streamlined application for the Economic Injury Disaster Loan (EIDL). With this new online portal, participants can now quickly identify whether they are eligible for disaster loan support.
  • AHLA joined the U.S. Travel Association, International Franchise Association, and AAHOA to request that the Treasury Department and Federal Reserve establish programs that provide expedited and streamlined relief for eligible travel-dependent businesses and organizations that are not eligible to receive other assistance under the CARES Act. Included among that request are “Nonprofits, including 501(c)(6) and 501(c)(4) with less than 500 employees, which are ineligible for business interruption loans under the CARES Act’s Paycheck Protection Program (PPP).”
  • COVID-19 Business and Employee Continuity and Recovery Fund – The attached letter has been issued to the Administration and Congress urging the consideration in forthcoming relief legislation of a Recovery Fund to help businesses retain and rehire employees, maintain worker benefits, and meet operating expense obligations. Coverage of the request in Bloomberg is here

Continue to visit https://www.virginiaisforrestaurantlovers.com for more information about the COVID-19 pandemic and the impact on the tourism and hospitality industries. We are working to add additional resources, links, and news articles as they become available.