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Treasury: Major airlines to take $25B in aid to meet payroll

5 months 1 week 6 days ago Tuesday, April 14 2020 Apr 14, 2020 April 14, 2020 4:41 PM April 14, 2020 in News - AP Texas Headlines

By DAVID KOENIG
AP Airlines Writer

Treasury Secretary Steven Mnuchin says 10 airlines intend to get their share of $25 billion in federal aid to keep workers employed through September. That includes the nation's six biggest airlines. The assistance will likely be a mix of cash and loans, and Treasury's terms would let the government take a small ownership stake in the leading airlines. The carriers did not want to give up equity, but they had little leverage - their business has collapsed as the COVID-19 pandemic reduces air travel to a trickle. The biggest airlines say they are losing up to $100 million a day.

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