IAAPA, the global association for the attractions industry, is seeking critical changes to the Paycheck Protection Program on behalf of attractions providers affected by the COVID-19 crisis.
IAAPA, alongside 20 other associations, has written to Congress in order to request key changes to the Paycheck Protection Program (PPP), in order to help businesses that have been impacted by the COVID-19 pandemic.
PPP is part of the new CARES (Coronavirus Aid, Relief, and Economic Security) Act in the US. While this is an important step in providing relief, IAAPA believes it does not go far enough to prevent the permanent closure of smaller businesses and operators in the sector.
Protecting small businesses
“The attractions industry is comprised of small businesses around the country, many that are family-owned and operated,” says Hal McEvoy, president and CEO of IAAPA.
“Today those businesses are facing prolonged revenue losses and uncertainty about their future. The Paycheck Protection Program (PPP) is one way Congress can help preserve thousands of jobs and provide critical assistance to these businesses during this uncertain time.”
The group of associations, which also includes the US Travel Association, has requested the following changes:
- Extend the duration of the program through December 31, 2020.
- Remove funding uncertainty.
- Increase borrowing limits so businesses can withstand an extended period of lost revenues and operational disruption.
- Expand the list of covered expenses.
- Extend the covered period for loan forgiveness.
- Ensure businesses are not penalized if former employees are unwilling to return.
IAAPA also recently submitted a critical policy request to Congress for key changes to the CARES Act, on behalf of the attractions sector. McEvoy also wrote to all US Senators on behalf of IAAPA in order to request that the attractions industry is included in decisions relating to COVID-19 relief legislation.