Congress, White House nearing deal on paycheck program: Democrats in Congress and the Trump administration are getting close to a deal to add new funding to the Paycheck Protection Program that was part of the recently passed CARES Act, The Wall Street Journal reports. The $350-billion program was aimed at helping small businesses cover certain expenses, including employee paychecks, for eight weeks. Due to high demand, it quickly ran out of money.
Both Democrats and Republicans in Congress support replenishing the PPP, but there is disagreement over which groups should receive funding immediately, the article states.
Hotels turn to selling ‘bonds’ for trips to be taken later: A hotel sales and marketing campaign called “Buy Now, Stay Later” has turned to the U.S. Treasury for inspiration, helping hotels sell “bonds” that mature in value over 60 days, Forbes reports. People who buy a $100 bond now will see it turn into a $150 credit for a trip in the future when travel is safer.
The campaign allows hotels to sell these bonds directly through their websites, according to the article. Those that participate can put a “Get Your Bond” button on their site that allows guests to email the hotels and ask about buying a bond. Hotels have some discretion over how the credit is used, such as for room rate or food and beverage.
Hotel companies provide support to laid-off employees: Some hotel companies are offering support to employees laid off due to the COVID-19 pandemic, reports HNN’s Dana Miller. While the companies ultimately hope to bring these employees back on, in the meantime, they are finding ways to provide money, food and emotional support.
McKibbon Hospitality created a 90-day associate assistance fund that gives laid-off employees $200 every two weeks to help buy groceries and other necessities.
“We didn’t want to do a one-time payment because we felt like this was going to last a little bit longer,” said Randy Hassen, president of McKibbon Hospitality. “As we look at the number of associates affected, we said ‘What are we able to do and how long can we do it?’ We felt that 90 days would help get them through this.”
Trump administration to delay tariffs on some imports: The federal government will allow companies buying certain imports to delay the payment of tariffs for 90 days, The Wall Street Journal reports.
Those seeking to delay tariff payments must “demonstrate a significant financial hardship” and have operations “fully or partially suspended” over the last few months because of government orders regarding commerce, travel or group meetings, the article states. Companies won’t be allowed to delay paying the special tariffs on Chinese goods and steel and aluminum imports. Punitive tariffs on dumped and subsidized products are also not included in the tariff-deferral offering.
U.S. oil prices falling as storage is filling up: U.S. oil prices “were on track for their worst day on record” Monday as crude storage facilities run out of room due to a lack of demand during the COVID-19 pandemic, CNBC reports. The May contract of U.S. West Texas Intermediate futures fell to $11.54 a barrel, down 36%, while the June contract is at $22.29 a barrel, down almost 11%.
Industry analysts believe this is a short-term issue as a sharp increase in demand is expected in the second half of the year, the article states. The Brent crude average oil price in 2021 is at $40 a barrel.
Compiled by Bryan Wroten.