What the $2 Trillion U.S. Stimulus Package Means for Travel Businesses
Lots of travel brands are eligible to earn U.S. government money through the so-called CARES Act. But firms will need to move fast to get their share. Here’s how it could all shake out.
President Donald Trump last week signed what is now known as the CARES Act, a massive $2 trillion stimulus meant to keep the U.S. economic engine running despite concerns about coronavirus.
As businesses will receive a good portion of that money — individuals will receive about $600 billion, according to one estimate — now comes the complicated part for companies. They must apply for money with U.S. government agencies, which will be tasked with deciding what businesses will receive aid, and how much. That will be no small feat, as the law is not always clear about what companies are entitled to money.
All kinds of businesses have the right to make claims. But travel is at the forefront, with legislators creating special piles of money for industries hit hardest, including airlines, airports, and even travel agents. Travel businesses from segments not expressly named in the bill also will jockey for money, hoping they can apply for grants and loans to keep afloat until the coronavirus pandemic passes.
