The last time we had trade and diplomatic relations with Cuba President Obama wasn't even born yet. Starting today, the first steps in relieving the cold war hangover will go into effect.

Here's what you need to know:

Americans will be able to travel to Cuba but not for tourism- that's still prohibited by Congress. The White House has laid out criteria you must meet before you are authorized to travel. In total there are 12 categories that will get you in:

(1) Family visits

(2) Official business of the U.S. government, foreign governments, and certain intergovernmental organizations

(3) Journalistic activity

(4) Professional research and professional meetings

(5) Educational activities

(6) Religious activities

(7) Public performances, clinics, workshops, athletic and other competitions, and exhibitions

(8) Support for the Cuban people

(9) Humanitarian projects

(10) Activities of private foundations or research or educational institutes

(11) Exportation, importation, or transmission of information or information materials

(12) Certain export transactions that may be considered for authorization under existing regulations and guidelines.

Even if you meet the criteria and find yourself in Cuba, don't plan on loading up on souvenirs. The U.S. government will only permit you to bring back $400 worth of goods. And if you like cigars and rum know that only $100 of your $400 souvenir stipend can go towards tobacco and booze.

Under the new guidelines, Cuban Americans living in the U.S. will be allowed to send more money home. Their quarterly remittances will be increased from $500 to $2,000. The White House also wants more open communication to help support free speech among Cubans.

Another goal of the expanded travel is to help the Cuban economy grow.

Trade between American businesses and private Cuban companies will open up new opportunities. Things like the purchasing of building materials for construction, farming equipment, and telecommunication technology would give American companies a new partner and new revenue.

Cuba's old and beaten down fleet of cars could also use a jolt. U.S. manufacturers like Ford (F), GM (GM), Chrysler, could help fill that void.

Further easing of restrictions could lead to a tourist boom for South Florida. Airports and hotels would benefit from travelers using Florida as a hub before heading off to Cuba.

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