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US Airlines To Receive Stimulus Funds - US Treasury

Major US airlines have reportedly accepted the government’s condition to receive billions of aid in  order to keep hundreds of thousands of workers on the payrolls, the Treasury Department made this known on Tuesday 14th April, 2020.  

American Airlines, Delta Airlines, Southwest Airlines, and United Airlines are among the list of those who have accepted the offer, Treasury Secretary Steve Mnuchin added.

The Treasury Secretary Steve Mnuchin also mentioned that the department is still working to review and approve applications for less passengers air carriers as quickly as it can and to also to also discuss about cargo carriers soon. 

The $2 trillion coronavirus stimulus aid package had been signed by the President of the US, President Donald Trump last month this package includes more than $58 billion to support the aviation industry, half of it will be to help airlines fund workers payroll costs through September.   

After receiving the funds, airlines in exchange are to agree to the prohibitions on stock buybacks and layoffs and also limit executive compensation. Airlines are adviced to also provide at least a minimum level of service which should be as few as 1 flight weekly to the destinations currently served.

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