Here are the latest updates on the CARES Act and Healthy at Work:
Wednesday night the U.S. Senate passed legislation giving small businesses greater access to the Paycheck Protection Program (PPP). The bill, which had previously passed the House, now awaits the president’s signature. Key points include:
- Lower to 60% from 75% the minimum portion of the PPP loan that must be spent on payroll. The rest must be spent on rent, utilities and other business-related expenses.
- Extend from eight to 24 weeks the amount of time the loan can cover.
- Extend from two to five years the time new PPP loans must be paid back if the amount provided doesn’t convert into a grant.
The legislation did not include PPP eligibility for destination marketing organizations, which has been a major priority for Kentucky Travel Industry Association (KTIA) because Kentucky’s Convention and Visitor’s Bureaus and tourist commissions have been ineligible for all elements of the CARES Act. That fight, along with replenishing the Economic Injury Disaster Loan (EIDL) program and other issues, will continue with the focus now shifting to the next Congressional relief package.
Healthy at Work
The announcements of specific requirements for the following to reopen on June 8 – museums, outdoor attractions, distilleries, aquariums and horse shows, has not been made. KTIA will share that information with the industry as soon as it is posted.
KTIA continues to press for additional guidance regarding conferences and meetings, festivals and events and motor coach tours.