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US government allocates $ 9.5 bln to support aviation

Source : 112 Ukraine

Four largest US carriers will receive a total of 19.2 billion dollars
10:00, 26 April 2020

Open source

The U.S. Treasury Department allocated $ 9.5 billion in additional funds from the U.S. Airline Wage Support Program. Reuters news agency reports.

In total, the government allocated grant funds to 10 large airlines and 83 smaller carriers.

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Airlines must not reduce their pay or work until September 30 as a condition for grants, and they are prohibited from redeeming shares or paying dividends.

The four largest US carriers will receive a total of $ 19.2 billion out of $ 25 billion - American Airlines Group Inc (AAL.O), Delta Air Lines Inc (DAL.N), United Airlines Holdings Inc (UAL.O) and Southwest Airlines Co. (LUV.N).

The department is still considering how to allocate $ 4 billion in grants for freight carriers and $ 3 billion for contractors at airports such as catering.

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Airlines may still need more money, as demand for air travel in the US has fallen by 95% and shows no signs of improvement.

As we reported before, the US Commodity Futures Trading Commission (CFTC) begins an investigation into the oil crisis on April 20, during which the price of US WTI crude oil fell hundreds of percent to the lowest price ever. It fell to almost minus $ 40 per barrel.

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