A group representing major U.S. airlines said the industry needs $50 billion in grants and loans to survive the dramatic falloff in travel demand from the coronavirus outbreak
) and others, said the industry needs $25 billion in grants, $25 billion in loans and significant tax relief to survive. They also seek tax relief that could be worth tens of billions of dollars through the end of at least 2021.
The pain was felt around the globe, with European carriers making unprecedented cuts to flights, costs and staffing while stepping up calls for emergency aid. South America’s largest carrier, LATAM Airlines Group, canceled 90% of its international flights as demand collapsed. U.S. carriers have slashed flights and last week met with the White House to sound the alarm for urgent action. The National Economic Council and U.S. Treasury are drafting a proposed assistance package and officials have been in early talks with lawmakers, officials told Reuters.
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