Originally Posted by
Airbubba
Here's the letter from airline CEO's (including FedEx and UPS) to the Congressional leadership urging a bailout package. Emphasis is mine on the furlough protection clause. An opener I suppose and CYA for the inevitable furloughs if they don't get the requested payroll protection 'grants' of at least $29 billion.
https://news.delta.com/deltas-ed-bas...-aviation-jobs
So far I don't see any mention of 'grants' to the airlines in today's Senate bill. It is hundreds of pages long and is written like international NOTAMs. Loans and loan guarantees it seems.
$50 billion in loans to the pax airlines, $8 billion in loans for the freight dogs and $17 billion in loans for the Boeing bailout.
13 (b) LOANS, LOAN GUARANTEES, AND OTHER IN-
14 VESTMENTS.—Loans, loan guarantees, and other invest-
15 ments made pursuant to subsection (a) shall be made
16 available as follows:
17 (1) Not more than $50,000,000,000 shall be
18 available to make loans and loan guarantees for pas-
19 senger air carriers.
20 (2) Not more than $8,000,000,000 shall be
21 available to make loans and loan guarantees for
22 cargo air carriers.
23 (3) Not more than $17,000,000,000 shall be
24 available to make loans and loan guarantees for
25 businesses critical to maintaining national security.
There is a weak sounding no-furlough clause attached to the loan or loan guarantee:
18 (F) the agreement requires the eligible
19 business to maintain its existing employment
20 levels as of March 13, 2020, to the extent prac-
21 ticable, while the loan or loan guarantee is out-
22 standing; and