The U.S. Treasury Department and passenger airlines have reached an agreement in principle on a US$25 billion payroll support package meant to ...
REUTERS: The U.S. Treasury Department and passenger airlines have reached an agreement in principle on a US$25 billion payroll support package meant to help airlines weather the economic impact of the coronavirus on travel demand, sources with knowledge of the matter said on Tuesday.Advertisement
The six largest U.S. airlines - American Airlines Group Inc , United Airlines Holdings Inc , Delta Air Lines Inc , Southwest Airlines Co , JetBlue Airways Corp and Alaska Airlines - are all expected to accept, the sources said. U.S. passenger airlines can also apply for a separate US$25 billion loan scheme under the government's US$2.3 trillion stimulus package, known as the CARES Act, and had lobbied for the payroll relief portion to be free cash.The statute gave Treasury the authority to demand compensation for the grants, but did not require it. According to the terms, companies receiving funds cannot lay off employees before Sept. 30 or change collective bargaining agreements.
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