RELIEF PACKAGE INCLUDES BILLIONS FOR BOEING, AIRLINES
NPR: DAVID SHAFER
A pretty big chunk of the $2 trillion federal coronavirus relief package will go to the commercial aviation industry; most notably, the airlines, airports and airplane manufacturer, Boeing.
They're losing billions as air travel has nearly come to a complete halt, but there are conditions for getting a total $88 billion in assistance from taxpayers.
Here's the breakdown:
Direct Grant Cash:
— $25 billion for commercial airlines
— $4 billion for cargo air carriers
— $3 billion for contractors who employ baggage handlers, wheel chair attendants, cabin cleaners, food service workers and others at airports.
Conditions:
— The aid must "exclusively be used for the continuation of payment of employee wages, salaries and benefits."
— Grant recipients cannot cut jobs, pay or benefits through Sept. 30, 2020 and they cannot buy back their stock or pay stock dividends through Sept. 30, 2021.
— The airlines must maintain service to all the destinations they served on March 1, 2020 through March 1, 2022, which could mean continuing to fly empty or near empty planes.