Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

The front desk inside the JW Marriott hotel. Photo by: Jeffrey Greenberg/Universal Images Group via Getty Images

The hotel industry is asking the federal government for $150 billion in emergency aid, mostly to keep employees on the payroll until the novel coronavirus threat subsides and travelers are ready to hit the road again.

Why it matters: The virus outbreak has already hurt the hotel industry more than the Sept. 11 terrorist attacks and the Great Recession combined, an industry trade group says. Without immediate help, people at the lower rungs of the economic ladder will suffer the most.

The big picture: Besides $150 billion in aid for hotels — many of which are operated by franchisees or small business owners — the industry is seeking another $100 billion for travel-related businesses like retail shops, attractions and restaurants.

  • Passenger and cargo airlines are seeking an additional $58 billion in relief.

What's new: Hotel and travel industry executives met with President Trump and members of his cabinet on Tuesday afternoon to plea for immediate help.

  • "The president understands the severity of the problem," said Chip Rogers, president of the American Hotel and Lodging Association.
  • "Three weeks ago, our members were enjoying record high occupancy rates and record high employment. The reality now is that half the hotels in the U.S. will close this year."
  • With occupancy rates below 10%, hotels have already laid off 45% of their staff, with more layoffs expected by the end of the week.
  • Marriott Hotels began furloughing what it expects will be tens of thousands of employees worldwide because of widespread travel cancellations across the globe, the Wall Street Journal reports.
  • Many smaller hotel chains in hard-hit cities like Seattle have already closed their doors.

What they're saying: Travel industry losses alone will be enough to push the U.S. economy into recession, predicts AHLA.

  • A projected $355 billion decline in travel spending — transportation, lodging, retail, attractions and restaurants — will deliver an $809 million hit to the U.S. economy and cost 4.6 million travel-related jobs, says the U.S. Travel Association.

What they're seeking: The $150 billion aid package could include:

  • A fund for workforce stabilization that would pay employees more than they'd earn in unemployment benefits, if not their full paychecks.
  • Emergency grants to preserve hotel companies' liquidity.
  • Streamlined Small Business Administration loan programs to support independent hoteliers and franchisees.

What to watch: The government could put restrictions on any financial assistance to make sure the money winds up in employees' pockets rather than in CEO bonuses or stock buybacks to benefit shareholders.

Go deeper

Cuomo scandal snares Dems on #MeToo

Illustration: Eniola Odetunde/Axios. Photo: Ray Tamarra/Getty Images   

The searing sexual harassment allegations made against Gov. Andrew Cuomo are trouble for Democrats far beyond Albany and New York.

Why it matters: They hammered Donald Trump after the "Access Hollywood" tape. Pilloried Brett Kavanaugh over Christine Blasey Ford. Defended President Biden when he was accused of inappropriate touching. Now, Democrats have to show whether they walk the "#MeToo" talk.

CPAC Republicans choose conservatism over constituents

Rep. Matt Gaetz. Photo: Elijah Nouvelage/Bloomberg via Getty Images

CPAC proved such a draw, conservative Republicans chose the conference over their constituents.

Why it matters: More than a dozen House Republicans voted by proxy on the $1.9 trillion COVID-19 relief bill in Washington so they could speak at the Conservative Political Action Conference, known as CPAC. And Sen. Ted Cruz skipped an Air Force One flight as President Biden flew to Cruz's hometown of Houston to survey storm damage.

Border Democrat warns Biden about immigrant fallout

Henry Cuellar (right). Photo: Tom Williams/CQ-Roll Call Inc. via Getty Images

A Democratic lawmaker representing a border district warned the Biden administration against easing up too much on unauthorized immigrants, citing their impact on his constituents, local hospitals and their potential to spread the coronavirus.

Why it matters: Rep. Henry Cuellar (D-Texas) told Axios he supports President Biden. But the moderate said he sees the downsides of efforts to placate pro-immigrant groups, an effort that threatens to blow up on the administration.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!