WASHINGTON/CHICAGO: U.S. lawmakers are nearing agreement on a US$61 billion rescue package for the aviation sector that would include US$25 billion in payroll grants for passenger airlines weathering a sharp falloff in travel demand amid rising coronavirus outbreaks, three people briefed on the matter said.
Airlines have warned that without cash grants they could be forced to lay off hundreds of thousands of people as U.S. travel demand has collapsed, leaving the airlines without trained staff to jump-start their operations, and the economy, once demand returns. Airline finances have become increasingly stretched as planes fly nearly empty and more people cancel flights than book new ones. S&P downgraded Delta Air Lines' credit rating to junk on Tuesday."The action by S&P underscores the need for swift relief for airline employees that is currently being considered by the government," a Delta spokesman said.
In a last-ditch effort, airlines offered to keep all workers on board until at least Aug. 31 if they received the grants. That date may be extended by a month in the final bill, said one of the three people familiar with the matter.
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