This is a developing story. Check back for more.Major US airlines and the US Treasury Department reached a deal on Tuesday over billions of dollars in coronavirus aid.
Tuesday's agreement surrounded the payroll grants. The CARES Act budgeted up to $25 billion in grants for passenger airlines, and $4 billion for cargo airlines. An additional $3 billion is set aside for airline contractors. American Airlines, in a press release and a separate memo to employees, said that it had received $5.8 billion in payroll assistance. The amount will be split into a $4.1 billion grant, and a $1.7 billion loan.
The Treasury had suggested that airlines will be required to pay back 30% of the grants, effectively making them loans. Labor unions and lawmakers objected to those terms, arguing that the money was intended for the benefit workers in the struggling industry, not the airlines themselves, and that repayment requirement could discourage airlines from applying for the aid.
Bail Out Southpark
Oct 1 massive layoffs.
But not the Post Office?
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