From Tori Emerson Barnes, U.S. Travel at 6:51 PM on April 23:
This week:This week, Congress and the administration reached an agreement to replenish funding for the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program following their rapid depletion in just two weeks. While an additional $60 billion has been added for the EIDL program, which 501(c)(6) organizations are eligible to access, we are disappointed that the bill did not extend eligibility to the PPP for these organizations—which U.S. Travel will continue to fight for. We invite DMOs, CVBs, and state tourism offices to join us for a webinar on Tuesday, April 28 from 12:00-1:00 p.m. ET: DMO Relief Now and What's Next. REGISTER NOW Updated Resources: ECONOMIC IMPACT: A WEEKLY ANALYSISAnalysis by Tourism Economics shows a week by week outlook on travel spending in the U.S. The analysis also looks at regional and state-by-state breakdown. - National weekly travel spending fell to $2.5 billion last week—marking the seventh consecutive week of contraction
- In the week ending April 18, the travel economy fell 89% below last year's levels, the strongest year-over-year decline to date
- With several states announcing plans to begin loosening lockdown measures, it is possible that this marks the trough of this turbulent period
- Since the beginning of March, the COVID-19 pandemic has resulted in $99 billion in losses for the U.S. travel economy
- Alaska, Arkansas, and Mississippi are the only states to experience a decline in travel spending of less than 80% last week, while Rhode Island, Hawaii, West Virginia, and Washington, D.C. endured declines of more than 95%
- Declines in travel spending have caused a loss of $12.8 billion in federal, state and local tax revenue since March 1
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