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Destination Niagara USA breaks down CARES Act

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Tue, Mar 31st 2020 05:15 pm

Destination Niagara USA sent the following information to Niagara County elected leaders, who are sharing it with NFP.

Dear Niagara Falls USA hospitality and tourism partners,

Last Friday, President Trump signed the $2 trillion stimulus package known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Our partners at NYSHTA (New York State Hospitality and Tourism Association) and the U.S. Travel Association have assembled helpful resources to better understand this stimulus package and what is available to businesses. See below for all of this detailed information.

CARES Act Overview: Who is eligible and what are the exceptions?

Which businesses will be eligible for relief under the CARES Act? Under Title I of the CARES Act (“Keeping American Workers Employed and Paid”), qualifying businesses that have suffered significant disruption as a result of COVID-19 will be able to receive no-fee “small business interruption loans.” Qualifying small businesses include “any business concern, nonprofit organization, veteran’s organization, or Tribal business” that have fewer than 500 employees, whether employed on a full-time, part-time, or other basis. Click here for an overview developed by NYSHTA’s legal counsel.

Loan Options 

Since the CARES Act was passed, U.S. Small Business Administration (“SBA”) Loan Options Pursuant to The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and Legislation have been detailed for the nation’s businesses. NYSHTA’s legal counsel created a chart to more easily break down all available options.

Paycheck Protection Program and Hotel/Restaurant Eligibility

You are eligible for a loan if you are a small business that employs 500 employees or fewer, or if your business is in an industry that has an employee-based size standard through SBA that is higher than 500 employees. In addition, if you are a restaurant, hotel, or a business that falls within the North American Industry Classification System (NAICS) code 72, “Accommodation and Food Services,” and each of your locations has 500 employees or fewer, you are eligible. Click here for details.

The U.S. Travel Association has created a tool kit that includes resources and highlights from the stimulus package as well as a guide to eligibility.

Yesterday afternoon, the U.S. Travel Association hosted a webinar with their government relations team to walk through many of the details of the CARES Act. The webinar was recorded and is posted here.

We hope this information is helpful to you as we all work to navigate through this extremely challenging time. We are all in this together and we will remain #tourismstrong!

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