Crippled airline industry in US to get $25-billion bailout

Guest Contributor

Contributors are not employed, compensated or governed by TD, opinions and statements are from the contributor directly

US-based airlines have secured as much as USD 25 billion in payroll support from the federal government. The funds are part of a USD 2 trillion relief package signed by Congress in response to the unprecedented economic damage caused the coronavirus pandemic.

Alaska Airlines, Allegiant Air, American Airlines, Delta Air Lines, Frontier Airlines, Hawaiian Airlines, JetBlue Airways, United Airlines, SkyWest Airlines and Southwest Airlines are all set to receive funds.

Steven Mnuchin, treasury secretary of US said: “We welcome the news that a number of major airlines intend to participate in the payroll support programme. This is an important Coronavirus Aid, Relief, and Economic Security (CARES) act programme that will support American workers and help preserve the strategic importance of the airline industry while allowing for appropriate compensation to the taxpayers.”

The support has been offered against a declining background for airlines, with IATA earlier calculating revenue across the sector could fall by USD 314 billion this year.

You might also like

Comments are closed.

Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time
Close