In return for a share of billions of dollars, the companies must say how they expect to pay it back and not lay off workers through Sept. 30, among other restrictions.
Delta and the other major airlines are applying for federal relief payments to help them get through the slowdown caused by the coronavirus outbreak.Delta and the other major airlines are applying for federal relief payments to help them get through the slowdown caused by the coronavirus outbreak.It appears most, if not all of the nation's major airlines have applied for a share of $50 billion in federal coronavirus aid.
Delta, American, United, Southwest and JetBlue, among others, met a 5 p.m. ET deadline to apply to the Treasury Department for payroll grants, loans or both. The airlines didn't initially disclose exactly how much nor which type of aid they are each seeking, though it appears most are only seeking a portion of the $25 billion designated for direct payroll grants, and not another $25 billion in loans that are available. To qualify for the loans, the airlines must show that private credit is not an option, and U.S. airlines collectively have borrowed $12.5 billion from banks in recent weeks, according to data compiled by Bloomberg.
There are other conditions for the federal assistance too. Airlines cannot buy back stock, pay shareholder dividends or pay executive bonuses. They also must continue flying to every city they served before the coronavirus outbreak led to a sharp drop in travel demand. And they must indicate how they plan to pay back the government and taxpayers for the aid. The Treasury Department could take an ownership stake in the airlines as compensation.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
12,000 people apply for NASA's next class of astronauts, with plans to reach MarsMore than 12,000 people applied to be a member of NASA's next class of astronauts, which has plans to send the first woman to the Moon by 2024 and first humans to Mars in the 2030s.
Lire la suite »
This Is The Correct Order to Apply Your Skincare ProductsA dermatologist breaks down the correct order to apply your skincare products.
Lire la suite »
Why Now Is the Best Time to Apply the 30-Day Rule to Your Unworn ClothesSocial distancing has provided a moment of self-reflection via my wardrobe.
Lire la suite »
Small businesses can apply for emergency loans after midnightBusinesses with 500 or fewer employees can apply for a loan offered through their existing banks or approved lenders via the paycheck protection program. Repayment will be forgiven if all employees continue to be paid. However, banks say there are many unanswered questions about how it will work.
Lire la suite »
Oprah Donates $10 Million To Coronavirus ReliefOprah Winfrey is pledging $10 million to coronavirus relief efforts, including $1 million to feed Americans.
Lire la suite »
Rihanna's Foundation Just Donated $5 Million to the COVID-19 Response EffortsRihanna's foundation, Clara Lionel, is donating $5 million to coronavirus relief efforts, per the foundation's website.
Lire la suite »