New COVID Relief Includes PPP for DMOs

Congress finally approved a $900 billion stimulus package after months of gridlock. Though this is half the size of the $2.2 trillion stimulus law that was passed in March at the start of the pandemic, it is still one of the largest relief packages in modern history. Along with supplemental unemployment at $300 week for 11 weeks, and direct payments of $600 to adults and children.
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Provisions in the COVID-19 Emergency Relief Package 

While many components of the legislation impact business, these are of particular importance:

• 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. 
• 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.

You can find a full summary here

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