Trump Administration Proposes $50 Billion In Loans to Airlines Written 19 March 2020


A Delta Air Lines Boeing 767 at JFK International Airport | Quintin Soloviev; Wikipedia; CC BY-SA 4.0

Reuters reports that the Trump Administration is asking Congress to authorize $50 billion in secured loans to US airlines as they grapple with the financial fallout of the outbreak. President Trump held a call with executives from Delta Air Lines, American Airlines, United Airlines, UPS, and other US carriers on Wednesday, in which he “told the airlines that they are an essential part of our daily lives and our economy, and this nation will be there to support them,” according to the White House. As a condition for receiving the loans, airlines “would be required to set limits on executive compensation until the loans were repaid and would also have to agree to continue service.” The airlines also told House Speaker Nancy Pelosi (D-CA) that they would not use the loans for stock buybacks.
Full Story (Reuters)