The US Travel Association has released a report stating that the coronavirus is going to have an $809 billion dollar impact on the travel industry. With the lowered demand for travel that could stretch on for months, millions of jobs could be lost. The report stated that a whopping 15.8 million Americans work in travel-related industries and that about 83% of travel employers are small businesses. The current situation is dire for the employers and employees of these companies.
The President of the US Travel Association, Roger Dow, went to the White House on Tuesday to speak with officials of possible economic plans. While at the White House, Dow stated, “Without aggressive and immediate disaster relief steps, the recovery phase is going to be much longer and more difficult, and the lower rungs of the economic ladder are going to feel the worst of it.”
His proposal is that the government should create a $150 billion dollar relief plan for the travel sector. This plan would do things like create a workforce stabilization fund, modify SBA loan programs, and create an emergency liquidity facility.
If the stimulus package goes through, countless jobs could be saved and the travel industry has a better chance of rebounding once the outbreak is over.