U.S. Travel Association whose members include Disney asks for government investment of billions of dollars to stabilize the travel and tourism industry

Apr 03, 2020 in "The Walt Disney Company"

In a letter to Chairman Powell and Secretary Steven Mnuchin, the U.S. Travel Association joined The American Hotel & Lodging Association, Asian American Hotel Owners Association, and the International Franchising Association in urging the U.S. Treasury and Federal Reserve to provide a wide range of CARES Act-authorized financial tools to stabilize travel-dependent businesses.

Between them, the associations represent the Central Florida theme parks, including Disney, Universal Orlando, SeaWorld, Cirque du Soleil, and thousands of smaller travel and tourism-based businesses.

According to the letter, the industry expects $400 billion in revenue losses from lost travel spending in the U.S. and 5.9 million jobs lost by the end of April.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed by the President on March 27, included $454 billion for an economic stabilization fund to support severely distressed U.S. businesses, States and municipalities.

You can read the full text of the letter on the U.S. Travel website.

The Walt Disney World theme parks have been closed since March 16 until further notice.

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Article Posted: Apr 03, 2020 / 1:30pm ET