Special Update
A New Round of PPP for Small Businesses is Coming
"Small businesses should start preparing now for a new round of Paycheck Protection Program loans — even though it could take the agency weeks to roll out the new program."

That round, $284.45 billion for both first and second PPP loans, passed Congress late Monday night and heads to President Donald Trump, who is expected to sign it. But the timing on when the Small Business Administration will start accepting new applications is unclear, with experts saying it could be just a few short days to more than a few weeks.
After months of discussion, the recent bill passed by Congress offers much-needed relief for the travel industry. Some of the highlights include:

  • The 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.

  • PPP Eligibility for CVBs (and other qualifying 501c (6) organizations such as Chambers of Commerce): 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.
Menlo Park Chamber of Commerce | (650) 325-2818 | menloparkchamber.com