The Senate has approved over $480 billion in additional coronavirus relief, but that isn’t enough, and more COVID-19 hospitality help is needed and is coming in the form of loans and grants.
The two programs set up to help small businesses are the Economic Injury Disaster Loans (EIDLs) and the Paycheck Protection Loan Program (PPP). Unfortunately, the PPP ran out just days before it became available to freelancers and the self-employed but more funding is on its way. Plus, unemployment insurance is possible for self-employed people for the first time ever.
When it comes to COVID-19 hospitality help, one organization that is at the forefront is the U.S. Travel Association that is urging Congress to appropriate additional funds for the Paycheck Protection Program (PPP) and extend the coverage period through December 2020. The PPP is currently slated to expire on June 30, and the USTA says the economy will not be in recovery by then.
The USTA is also asking Congress to revise the PPP maximum loan calculation to eight times a business’ monthly outlays and allow it to cover both payroll and non-payroll expenses. Currently, the formula is two-and-a-half times and covers payroll only, not other expenses.
Other organizations that are offering COVID-19 Hospitality Help include:
Timothy S.Y. Lam Foundation Relief Grants for the Hospitality Industry
In response to the global pandemic, the Timothy S.Y. Lam Foundation that was created to support research, education and training within the hospitality industry, has started a fund that consists of $100,000 in relief grants to assist those in the hospitality industry struggling with the economic impact of COVID-19. Anyone in the hospitality field that is unemployed or self-employed and is experiencing financial hardship as a result of COVID-19 is eligible. A third-party organization not affiliated with the foundation is reviewing applications and selecting 100 grant recipients who will receive $500. Applications will open again this Friday, April 24, and noon, PT.
The Search Foundation is one organization that can help. It was formed to assist hospitality professionals faced with a life-threatening illness or catastrophic occurrence.
Another resource that may be able to help is the Above and Beyond Foundation that helps hospitality industry colleagues like housekeepers, stewards, bus drivers, servers, cooks, laundry attendants, AV techs, and more. In the wake of COVID-19, its Helping Hospitality urgent aid grant program is awarding $500 virtual VISA cards to those who have exceeded expectations but have lost their jobs due to the pandemic.
The original version of this story appeared on sister publication, Prevue.
For more information, go to our story, “CARES Act Expected to Receive Additional Funding.” Also, ASTA Fights to Get You Funds can help. And, don’t miss this “Conversation of Hope” with Zane Kerby.