WASHINGTON, April 21 ― The US Treasury Department said yesterday it had disbursed US$2.9 billion (RM12.7 billion) in initial payroll assistance to 54 smaller passenger carrier and two major passenger airlines, while it finalised grant agreements with six major airlines. The Treasury is initially...
Tuesday, 21 Apr 2020 09:48 AM MYT
The Treasury is initially giving major airlines 50 per cent of funds awarded and releasing the rest in a series of payments. In total, Treasury is awarding US passenger airlines US$25 billion in funds earmarked for payroll costs. Major airlines must repay 30 per cent of the funds in low-interest loans and grant Treasury warrants equal to 10 per cent of the loan amount, while airlines receiving US$100 million or less do not need to repay any funds or issue warrants to the government.
Southwest said it would receive half of the US$3.2 billion payroll award immediately and the remainder in installments during May, June and July.
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