Economic Relief for US Hosts Impacted by COVID-19

Dear Hipcamp Hosts, 

We know many of you have been seriously impacted by the COVID-19 pandemic. The novel coronavirus affects each of us differently, but its influence is universal and the financial consequences are expected to be long-lasting. 

To help reduce the spread of the new coronavirus while providing financial support to our Hosts, we recently asked Hipcampers with upcoming bookings facing travel restrictions to consider donating the value of their booking directly to you, our Hosts. Since March 26, of all the trips that were modified or canceled, 25% of Hipcampers generously donated a portion of the value of their booking directly to their Host.

To continue supporting our community during this challenging time, we want to provide you with information about financial support for which you may be eligible. Late last month, the U.S. federal government passed legislation (the Coronavirus Aid, Relief, and Economic Security (CARES) Act) aimed at providing relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak. Among other provisions, it includes financial support for small businesses and extends and expands unemployment assistance programs that could benefit many of you.  

While this information should not be considered legal advice, we hope you find these resources helpful in better understanding the relief opportunities that may be available to you. 

Small Business Loans and Grants

The CARES Act established several new temporary programs through the Small Business Administration (SBA) to address the COVID-19 outbreak. In addition to traditional SBA funding opportunities, two new programs may be of particular interest to Hipcamp Hosts: 

1. Paycheck Protection Program (PPP): This loan program is designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll (including sole proprietor compensation), rent, mortgage interest, or utilities. Hipcamp Hosts, including small businesses, sole proprietorships, self-employed individuals, and independent contractors, may apply. Applications will be available through June 30, 2020, or until the funding cap is met, so we encourage you to apply as soon as possible. Find the application form and more information here. 

2. Emergency Economic Injury Disaster Loan (EIDL): This loan advance will provide up to $10,000 to businesses experiencing temporary difficulties. This program is for any small business with fewer than 500 employees, including sole proprietorships, independent contractors, and those who are self-employed. The funds will be made available within days of a successful application, and this loan advance will not have to be repaid. More information, as well as the application form, can be found here.  

Unemployment Assistance 

Under the CARES Act, the Department of Labor (DOL) expanded unemployment assistance to those impacted by COVID-19, including sole proprietors and those who are self-employed. 

The duration of unemployment assistance varies by state. Regardless, the CARES Act adds 13 weeks of coverage for people who have exhausted regular state benefits. Additionally, those who exhaust both regular and extended benefits will become eligible for Pandemic Unemployment Assistance (PUA). People can receive a maximum of 39 weeks of benefits this year from all three sources combined.

Many states are awaiting further guidance from the DOL before opening their unemployment application process to eligible individuals. As a result, we encourage you to contact your state’s Department of Labor for more information and to apply. 

We’re here to help

We are passing on these resources to equip you to take advantage of any assistance programs you may qualify for. If you are not sure if you qualify, please seek further guidance from a representative at your bank or a financial advisor. 

As always, our Support Team is available if you have any questions about upcoming bookings, need help blocking off dates on your calendar, or want more information about processing cancellations due to COVID-19. We recognize that this is an especially challenging and uncertain time for everyone, so please let us know how we can help. 

Be well, 

Hipcamp