Last week’s U.S. bailout contained plenty of cash, but not enough government staffing. Bankers may fill the gap again, writes GinaChon.
U.S. passenger airlines should apply for $25 billion in grants to help cover payroll by April 3 to receive funds as soon as possible, according to guidelines issued by the Treasury Department on March 30.
The companies also have to identify financial instruments such as warrants, options or preferred stock to provide “appropriate compensation” to the government. The funds, which are part of a $2.2 trillion emergency relief bill approved by Congress, can only be used to pay wages or provide benefits.
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