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COVID-19 Relief, Protection and Stimulus

The economic effects of the coronavirus have hit the travel industry especially hard, with travel businesses and organizations seeing unprecedented declines in revenue. As a result, more than half of the industry’s 15.8 million jobs (51%) have been lost so far—twice that of the worst year of the Great Depression—with 8.1 million jobs gone as of May 1. Travel spending is on track to fall by at least $500 billion this year, negatively impacting the U.S. economy by over $1.2 trillion dollars. To accelerate rehiring and economic recovery, Congress should include measures that provide relief, protection and stimulus for the travel industry. According to Oxford Economics, the right measures in place would help the industry recover what was lost, add nearly 800,000 American jobs and $163 billion on net to the economy within 18 months.