(Reuters) – The U.S. Treasury Department said on Tuesday that major passenger airlines have agreed in principle to a $25 billion rescue package, ensuring airline workers have jobs until October while the industry battles its biggest-ever crisis. Airlines are hopeful that U.S. passenger traffic, which has dropped by 95% due to the coronavirus pandemic, will begin to recover by October but have warned that the slowdown in air travel could extend into next year and even longer. It’s possible they will need another round of government bailouts to survive. Major carriers will receive 70% of the funds for payroll in cash assistance that will not need to be paid back, while smaller carriers receiving $100 million or less will not need to repay any funds. 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 – as well as four other airlines accepted the support, Treasury said. Agreements should be finalized soon and funds disbursed quickly, it said. Carriers were told they could apply for the total salaries and benefits paid in the second and third quarters of 2019, an amount that surpasses… Read full this story
- JetBlue Wins Battle For Spirit Airlines, Now In Top 5 U.S. Airlines
- Five Reasons New Airlines Form In A Crisis
- American Airlines CFO on fixing balance sheet after pandemic
- Unions push airlines to promise they'll avoid stock buybacks
- Bad credit loans online: Top 10 installment loan websites for bad credit with guaranteed approval in August 2022
- Biden nears decision on canceling $10,000 in student loans as allies feud
- Student Loan Forgiveness: How Major Proposals Compare
- The Tendency of Municipal Government in the United States
- Best loans for bad credit in August 2022 with low interest rates and no credit check
- Transportation Secretary Pete Buttigieg to airlines: This year's travel disruptions "unacceptable"
Major U.S. airlines accept government aid for payrolls; American and Alaska also seeking loans have 299 words, post on www.reuters.com at April 14, 2020. This is cached page on Drudgereport. If you want remove this page, please contact us.