[WASHINGTON] US Treasury Secretary Steven Mnuchin and major US airlines on Tuesday reached an agreement on aid amid the coronavirus pandemic, in a bid to pay workers and avoid bankruptcies in an industry that employs 750,000 people. Read more at The Business Times.
US Treasury Secretary Steven Mnuchin and major US airlines on Tuesday reached an agreement on aid amid the coronavirus pandemic, in a bid to pay workers and avoid bankruptcies in an industry that employs 750,000 people.[WASHINGTON] US Treasury Secretary Steven Mnuchin and major US airlines on Tuesday reached an agreement on aid amid the coronavirus pandemic, in a bid to pay workers and avoid bankruptcies in an industry that employs 750,000 people.
The Treasury came to terms with 10 airlines, including the four largest - Delta Air Lines, American Airlines, United Airlines and Southwest Airlines. Some were initially hesitant to accept the money for fear of nationalisation despite the damage done by the virus, which has brought air travel to a standstill.
"We look forward to working with the airlines to finalise the necessary agreements and disburse funds as quickly as possible," Mr Mnuchin said in a statement. Congress last month approved a US$2.2 trillion stimulus plan to rescue the world's largest economy, which includes US$25 billion for airlines to continue paying employees' salaries and benefits until September 30.
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