Many small businesses are falling through the cracks, even with the latest coronavirus relief package.
The two programs set up to offer small business assistance are the Economic Injury Disaster Loans (EIDLs) and the Paycheck Protection Loan Program (PPP). Unfortunately, with the last round of funding, the PPP ran out quickly and now priority is being given to applications already in the queue. Unemployment insurance is possible for self-employed individuals for the first time ever, but some states still do not have their application systems in place.
One organization that is at the forefront is the U.S. Travel Association, which is urging Congress to appropriate additional funds for PPP and extend the coverage period through December 2020. The PPP is currently slated to expire on June 30, and USTA says the economy will not be in recovery by then. USTA is also asking Congress to revise the PPP maximum loan calculation to eight times a business’ monthly outlays and to allow it to cover both payroll and non-payroll expenses.
Meanwhile, check out these other organizations that are offering COVID-19 small business assistance:
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 special event, meetings, catering and 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 is comprised of MICE industry leaders who help 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.
A petition has been created by the Live Events Coalition that focuses on a Federal Aid Package for the Events Industry. It is requesting that the U.S. Federal Government stabilize and prosper the industry to a strong recovery with family stabilization, health insurance, an insurance recovery fund, economic stabilization and development, inclusion in North American Industry Classification System.