Struggling U.S. airlines have reached an agreement with the Trump administration to get a share of $25 billion in coronavirus relief.
The plunge in demand for air travel during the coronavirus crisis is reflected on an airport screen in New Orleans on April 4.The plunge in demand for air travel during the coronavirus crisis is reflected on an airport screen in New Orleans on April 4.Struggling U.S. airlines finally have a deal in principle with the Trump administration to get a share of $25 billion in federal coronavirus relief that they were supposed to get last week.
In a statement, Treasury Secretary Steve Mnuchin said the department will work with the airlines to finalize the deals"and disperse the funds as quickly as possible." "Our airlines are now in good shape, and they will get over a very tough period of time that was not caused by them," Trump said. To prevent mass layoffs of airline employees, Congress authorized $25 billion in payroll grants, along with another $25 billion in loans, as part of the $2.3 trillion coronavirus economic relief package approved last month. The CARES Act required the Treasury Department to begin doling out the payroll support last Monday.But after receiving the airlines' applications, Mnuchin asked the airlines to agree to pay back a portion of the aid.
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