According to the US Travel Association, estimates of job losses from the coronavirus outbreak in the travel industry are worse than initially believed.
Revised projections indicate a deteriorating effect of coronavirus on the U.S. economy: a loss of 5.9 million jobs due to declining travel by the end of April, according to statistics released by the U.S. Travel Association and the economics of tourism on Tuesday.
U.S. Travel urges the inclusion in the “Phase III” Coronavirus package being negotiated in Congress of numerous relief measures for travel businesses, including:
- Access to more significant small business loans that have immediate access to retain employees to meet critical expenses during shutdown.
- A Workplace Stability Program to support small and large travel companies maintain their jobs and stay solvent.
- Tax relief to help reduce economic losses.
New research from the US Travel Association also forecasts an estimated loss of $910 billion in travel-related economic activity by 2020, seven times the effect of 9/11, and the organization estimates that the recession in the travel sector alone would force the US economy into a deep recession.