Delta to Cut Capacity 40%
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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
https://news.delta.com/deltas-ed-bas...-aviation-jobs
$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.
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.
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
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
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And what was assumed to be the Boeing bailout fund has suddenly expanded in paragraph (3) cited above:
11 (3) Not more than $150,000,000,000 shall be
12 available for other eligible businesses.
12 available for other eligible businesses.
https://www.republicanleader.senate....Mar%202020.pdf
Last edited by Airbubba; 25th Mar 2020 at 17:28.
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And yet another report from a Reuters reporter.
Looks like Mitch's copy above was not the final bill. Did cargo drop from $8 billion in loans to $4 billion in loans? And pax airlines down to $25 billion in loans instead of $50 billion?
Looks like Mitch's copy above was not the final bill. Did cargo drop from $8 billion in loans to $4 billion in loans? And pax airlines down to $25 billion in loans instead of $50 billion?
Last edited by Airbubba; 25th Mar 2020 at 17:37.