The U.S. Travel Association and American Hotel and Lodging Association joined the growing list of business leaders and economists who see President Biden’s American Rescue Plan as critical to addressing the economic crisis caused by the pandemic.
The travel industry supports 15.8 million or nearly 1 in 10 American jobs. In a report, the U.S. Travel Association noted in a report that COVID-19 has devastated the travel industry more than any other sector of the economy. In order to get Americans back to work and safely resume travel, the U.S. Travel Association President and CEO said that there has to be immediate action to pass the American Rescue Act.
Robert Dow, U.S. Travel Association President and CEO praised the American Rescue Plan in a speech yesterday, saying “We are encouraged by the measures to provide additional grants and loans to small businesses in the hardest-hit industries, which include travel. The Paycheck Protection Program is set to expire in March, but the economic hardships of the pandemic will persist, so it is important that struggling businesses continue to receive aid to maintain operations and keep workers on payrolls.”
Dow added “there are important components contained in President Biden’s American Rescue Plan to help us rebuild, such as providing grants for the hardest hit industries, including travel. Also included in the President’s proposal is additional funding for vaccine distribution which we know is vital to helping travel businesses more robustly reopen.”
And, the market data analyst, STR, recently said that the American Rescue Plan’s proposal for widespread vaccinations would help get the industry back on track “these opening months of the year are going to resemble some of the :slowest of 2020, but we are optimistic that hotel demand will improve as vaccine distribution becomes more widespread and travel confidence grows,” said Amanda Hite, president of STR. “While the early indicators should be visible in Q2, we expect Q3 to be the point where leisure travel shifts into high gear and corporate and group business show more progressive improvement. That will feed into a 2022 that shows a higher level of recovery.”
Meanwhile, the American Hotel & Lodging Association released AHLA’s State of the Hotel Industry 2021” outlining the forecasted state of the hotel industry in 2021 and into the immediate future. The report examines the high-level economics of the hotel industry’s recovery, the specific impact on and eventual return of business travel, and consumer travel sentiments.
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