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Major airlines urge U.S. Treasury to disburse assistance quickly

Major airlines urge U.S. Treasury to disburse assistance quickly

3/30/2020 7:40:00 AM

Major airlines urge U.S. Treasury to disburse assistance quickly

Major U.S. airlines asked the U.S. Treasury to move quickly to release up to $58 billion in government grants and loans and recommended a formula to divide up the money.

) and the head of an airline trade association.The $2.2 trillion stimulus and assistance legislation signed into law Friday by President Donald Trump gives passenger airlines $25 billion in cash assistance to cover payroll costs and $25 billion in loans, while cargo carriers are eligible for $4 billion in grants and $4 billion in loans.

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Airlines had threatened to quickly start laying off tens of thousands of workers within days if they did not get a bailout. Treasury faces an April 1 deadline to issue procedures to airlines to apply for grants.The airlines said Treasury should allocate grants in accordance with salaries and benefits paid by carriers from April 1 through Sept. 30, 2019 and filed with the U.S. Transportation Department.

The letter suggested the loans be divided by each passenger carrier’s pro rata share of “system available seat miles” for 2019 operations. For cargo carriers it said the loans should be divided by “revenue ton miles” for 2019 operations.Treasury did not respond Sunday to a request for comment on the letter.

The carriers’ letter said executives looked forward to meeting with Treasury “to discuss the specific terms” but wanted to “make clear that we are speaking with one voice when we propose these formula allocations.”According to 2019 stock market filings for the top publicly-traded U.S. carriers, American Airlines paid the most in salaries and benefits at about $6.4 billion over a six-month period.

It was followed by United Airlines, Delta, Southwest, Alaska Airlines, JetBlue, Spirit Airlines (SAVE.N) and Hawaiian.United, which flies long Asia-Pacific routes, recorded the most available seat miles (ASMs) at about 285,000 in 2019, followed by Delta, American, Southwest, Alaska, JetBlue, Spirit and Hawaiian.

American said last week it believed it was eligible for $12 billion in U.S. loans and grants.Reporting by David Shepardson in Washington; additional reporting by Tracy Rucinski in Chicago; editing by Richard Pullin Read more: Reuters Top News »

davidshepardson Better Hurry Up! Before the World find out it was the airlines responsible for the spread of the Coronavirus by not replacing the air filters on airplanes for three months to save some money. Don’t you think 1000 flights and 800,000 passengers A DAY not infect and pass the virus davidshepardson 9-11 there’s a robbery in progress.

davidshepardson Greedy bastards davidshepardson Of course, they will release the funds expeditiously. The people will just have to wait. coronavirusfinance davidshepardson Their business model is now forever changed. Wondering when they will realize davidshepardson That’s bank robber language. davidshepardson 58billion to protect the climate destruction business. Imagine if the money had been spent on large scale renewables and transport electrification.

davidshepardson I hope they use it for stock buybacks and shareholder dividends !!!! davidshepardson NOPE. NOPE. NOPE. NOPE davidshepardson Nope davidshepardson ╔═════════════════╗ ║ संघी_बेशर्म_हो_गये ╚═════════════════╝ \\ (•◡•) / \\ 💙/ -- -- | | RT if u Agree Looks like the executives have been siphoning off all the discretionary cash and now they want the taxpayer to save them. Pffff

Even trillions will not pump up the market much longer—Its not government money, it’s our life’s work tax$ and your children’s children’s BK will AmericanAir extend our member status another year? Umm, sorry for the wait folks. It looks like we’ll be stuck on the tarmac for a little while. Anyone want a ridiculously small bag of almonds?

Airlines should learn to save money for rainy days. They are still going to let people off. I hope they go broke. Nooooooooooooooooooo 🙄 To do what exactly? Pay someone to park their fleet? 🤷🏽‍♂️ BailOutThePeople Hurry, they might run out of legroom!!! Funny. They seem so much louder than the millions of out of work citizens trying to scratch out a path with $1200. Paid speech Free Speech.

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Syria reports first coronavirus death as fears grow of major outbreakSyria's health ministry said on Sunday that a woman who died after being rushed to hospital for emergency treatment was found to have been infected by coronavirus in the country's first officially reported death from the disease. Right...first death from virus. Countless from ignorance & dictatorship & the world exploiting & abusing the people of Syria. Assad tried to maintain order with violence in a country that was fed up with oppression. Now facing Russian control, they want to scrape up some profits due to their massive bet on gold going bust. Syria will take care of itself and have a genuine election. But they gassed 100k if their citizens. Let me know when Assad gets Coronavirus and drops