The largest U.S. air carriers have struck deals for billions of dollars in federal loans
United employees should expect to receive as soon as this week notices about potential furloughs effective Oct. 1, the airline said in a regulatory filing. It expects travel demand to remain depressed until a widely accepted COVID-19 treatment or vaccine is found, with no straight line to an industry recovery.
Andrew Nocella, United’s chief commercial officer, told employees at a virtual town hall meeting on Tuesday that its network would be slightly more impacted than other U.S. domestic airlines, sources said after the meeting. U.S. airlines have drastically reduced their flight capacity and rushed to shore up capital while warning that tens of thousands of jobs could be at risk as the industry braces for a slow recovery.
U.S. airlines have already received $25 billion in payroll aid under the CARES Act to protect jobs through September and have until Sept. 30 to decide whether to take the loan, which would include the issue of warrants and restrictions on executive compensation and share buybacks.
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