Home Business US Airlines to receive $25 BILLION dollar COVID-19 relief package

US Airlines to receive $25 BILLION dollar COVID-19 relief package

US Airlines to receive $25 BILLION dollar COVID-19 relief package 1

The industry has seen most of all flights grounded as the pandemic rages across the world.

Losses for the industry are expect to reach $ 113 billion.

US Treasury Secretary Steven T Mnuchin delivered the news on the Payroll Support Program to passenger air carriers.

He said: “We welcome the news that a number of major airlines intend to participate in the Payroll Support Program.

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“This is an important CARES Act program that will support American workers and help preserve the strategic importance of the airline industry while allowing for appropriate compensation to the taxpayers.”

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A range of airlines from Alaska Airlines to Southwest Airlines have told the secretary that they will participate in the Payroll Support Program.

Mr Mnuchin continued: “Conversations continue with other airlines regarding their potential participation.

“Treasury is also working to review and approve applications for smaller passenger air carriers as quickly as possible and will provide further guidance for cargo carriers and contractors very soon.

“We look forward to working with the airlines to finalise the necessary agreements and disburse funds as quickly as possible.”

The news of the bailout follows President Donald Trump pushing to reopen the countries economy as soon as possible.

On Tuesday The White House announced a task force of Great American Economic Revival Industry Groups, comprised of hundreds of corporate executives along with faith and thought leaders.

In a statement, they said: ““These bipartisan groups of American leaders will work together with the White House to chart the path forward toward a future of unparalleled American prosperity.

“The health and wealth of America is the primary goal, and these groups will produce a more independent, self-sufficient, and resilient Nation.”

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