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Airlines get $60 billion coronavirus bailout, with strings attached - Business Insider

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Airlines would get the $60 billion bailout they asked for in the new Senate coronavirus stimulus bill, which would prohibit layoffs and ban stock buybacks and dividends

, would prohibit stock buybacks and share dividends for at least a year after the loans have been repaid. It also restricts executive compensation.

Additionally, the bill gives airlines $25 billion in grants to pay workers through September. Cargo air carriers get an additional $4 billion. Executive compensation for any airline receiving aid is capped at 2019 levels. CEOs of the major US airlines earned between $10 million and $15 million in total compensation in 2018. Figures for 2019 are not yet publicly available.

The Association of Flight Attendants , which represents cabin crew at about 20 mainline and regional airlines, said it was pleased with the deal, and that it would help employees worried about layoffs. "ALPA pilots applaud the fact that the economic relief package contains provisions to limit furloughs, protect our contracts, and ensure that federal assistance is used to pay airline employees' salaries and benefits, not executive compensation or corporate stock buybacks," he added.

 

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richardbranson It’s your lucky day! VirginAtlantic

Same as bombardier promised

Government should’ve have taken over the airlines! But I see it’s scratch my back and I’ll scratch your back for the GOP!

Shameful - they should get nothing

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