COVID RELIEF PACKAGE PASSED
Great news to end the year with as Congress has passed a year-end funding bill that includes a COVID-19 recovery package. Working with the Go LIVE Together coalition and U.S. Travel Association along with your help, has resulted in legislation that provides federal support for our industry.
At times it seemed like nothing would move on the Hill, but persistence is key with advocacy. Because of your action alerts, calls and emails to members of Congress and personal stories that were told across many different channels, our voices were heard loud and clear.
Provisions in the COVID-19 Emergency Relief Package
- PPP Eligibility for DMOs: Expands PPP eligibility to both nonprofit and quasi-governmental destination marketing organizations (DMOs) with 300 employees or less (full time and part-time combined).
- $35 billion is set aside for first-time PPP loan recipients and that will include 501©(6) organizations.
- Second round of PPP loans: Businesses with 300 employees or less and a 25% decline in revenue in any quarter in 2020 may receive a second PPP loan of up to $2 million.
- Extension to use Coronavirus Relief Funds until December 31, 2021.
- $15 billion in grants to concert venues, performing art centers, theaters, and museums with 500 or less full-time equivalent employees and at least a 25% decline in revenue, among other qualifications.
- Extension of the Employee Retention Tax Credit through July 1, 2021.
- $2 billion in grants for airports and airport concessionaires: Including $1.75 billion in grants for commercial service airports and $200 million for airport concessionaire relief.
- Full deductibility of business meal expenses incurred in 2021 and 2022.
The U.S. Travel Association has provided an extensive summary of notable provisions here .
We are gearing up for a productive 2021 to make sure that exhibitions and events priorities stay top-of-mind in Washington.
We will continue to fight for our industry and work to safely reopen exhibitions and events. Our industry is key to bringing buyers and sellers together and this will be crucial to building our economy back up.
Thank you for all your support and engagement.
The EMB Team