On March 27th, the President signed into law the “Coronavirus Aid, Relief, and Economic Security Act” (the CARES Act), the largest economic relief act in our country’s history. The tourism industry in Washington has been devastated by this crisis, but tourism-related businesses can find relief through new or strengthened existing federal programs as a result of this legislation.
Click here for a helpful guide to relief is available to different types of businesses or organizations.
Click here for an explanation of the Small Business Administration Coronavirus Economic Injury Disaster Loans. *Grants of up to $10,000 is available within three days, regardless of approval: A cash advance (grant) of the loan, up to $10,000, can be provided to the borrower upon request. SBA is required to provide the grant within three days of receiving the loan application. The grant is provided regardless of whether the borrower is ultimately approved for the loan and does not have to be repaid.
Click here to learn about Small Business Express Loans. These are for small businesses who need quick a one-time loan for a major expense. Example: A restaurant needs to replace a walk-in refrigerator.
Click here for a guide on the Emergency Stabilization Fund.
Click here to learn about Economic Relief for Airports and Tourism, including Community Development Block Grants.
It is expected that the U.S. Treasury, Small Business Association and other agencies will need some time to fully implement these resources and application features, though it is hoped that most will be operational in the next two weeks.