U.S. airlines and contractors faced a deadline of 5 p.m. on Friday to tap the federal government for up to US$32 billion in payroll grants to help ...
CHICAGO/WASHINGTON: Major U.S. airlines applied on Friday for payroll grants from the U.S. Treasury meant to keep workers employed during a sharp downturn from the coronavirus, though the terms of any aid were still unclear and some warned that funds would not be enough to help them through their toughest crisis ever.
The airline industry has pushed back on the possibility of the government taking an equity stake in exchange for the grants, which the companies and unions argue are strictly to protect workers. American Airlines, with the largest number of full-time employees among U.S. airlines at 133,700 in 2019, had said it would seek up to US$6 billion in grants and US$6 billion in government loans under a separate US$32 billion funding option for the sector.
Cargo carriers are suffering from disruption to global supply chains and high-margin business-to-business demand, even as ground-package delivery services increase.
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