The $900 billion Covid-19 relief package agreed to by U.S. congressional leaders Sunday includes a second, larger round of Paycheck Protection Program loans to small and midsize businesses, according to the American Hotel & Lodging Association, and $15 billion in payroll support for airlines, according to a Bloomberg report, citing sources.
The full text of the legislation wasn't released by press time. Votes by the U.S. House and Senate could come as early as Monday, according to Reuters, which also cited a White House spokesperson who indicated President Donald Trump would sign the legislation.
The original Coronavirus Aid, Relief, and Economic Security Act, passed in March, included billions of dollars in PPP loans and other aid to travel suppliers, including airlines, hotels, car and ground transportation providers, and travel management companies, provided they retained employees during the pandemic. Airlines that received federal aid under the Treasury Department's Payroll Support Program were prohibited from furloughing employees until Sept. 30, but have furloughed tens of thousands since.
"The legislation contains many of the provisions AHLA has advocated for, including a second round of Paycheck Protection Program loans, increasing the size of PPP loans to 3.5 times payroll, and making PPP loan expenses tax-deductible," AHLA president and CEO Chip Rogers said in a statement. "This will provide a critical lifeline for hotels and other businesses that have been decimated by the pandemic."
U.S. Travel Association president and CEO Roger Dow in a statement called the deal "a huge holiday gift" that would "give many suffering businesses a bridge to 2021."
"More will be needed to restore the 4.5 million travel jobs lost in the travel and tourism industry, but the process that produced this agreement is hopefully a positive sign for what will be possible to achieve in the next Congress," according to Dow.