The CARES Act passed the Senate and House last week providing relief to businesses across the U.S. This bill has provisions specifically targeting affected businesses in the tourism industry. These provisions will be available through grants at the state and local level. Advocating on behalf of the Short-Term Rental Industry is extremely important during this economic crisis.
This legislation provides direct cash payments of as much as $1,200 for individual taxpayers, and $500 per child, phased out when incomes exceed $75,000 for individuals and $150,000 for couples filing jointly. This also dramatically expands unemployment insurance benefits and provides an additional $600 per week for those receiving unemployment benefits. The bill provides $349 billion dollars in much-needed, low-interest, small business loans that could be partially forgiven to help businesses maintain payroll and avoid laying off workers. It also directs billions of dollars toward hospitals and other health care providers on the frontlines of this pandemic, in part to help them purchase additional life-saving protective equipment.
VRMA has provided a high-level overview and breakdown of this bill, which you can read here.