The U.S. Treasury Department began issuing a new round of payroll grants to the airline industry on the 15th, with the size of the bailout reaching $15 billion, expected to benefit more than 32,000 employees on unpaid leave, enabling them to return to work by March 31.
Reuters reports that the large airlines receiving assistance will have to repay 30% of the aid to the government with a 10-year low-interest loan, and must issue warrants to the government, as well as expand restrictions on senior-level pay and ban dividends and run treasury shares by March 2022.
The U.S. Treasury Department said on the 15th that it will take the lead in providing more than $12 billion in payroll assistance to major airlines, and has allocated $6.1 billion that day (15th). The U.S. Treasury and the airline industry said the government plans to release the rest of the aid by the end of March.
The U.S. Treasury Department has finalized agreements with 12 airlines, which account for 95 percent of the overall capacity of the U.S. airline industry. These include Alaska Airlines, American Airlines, Allegiant, Delta, Frontier, Hawaiian Airlines, JetBlue, Republic Airways and SkyWest. Republic Airways, SkyWest, Southwest Airlines, Spirit and United Airlines.
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