Airlines, Treasury Reach Tentative Deal for Billions in U.S. Aid [Yahoo! Finance News]
Southwest Airlines Company (LUV)
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Source: Yahoo! Finance News
) -- U.S. airlines reached preliminary agreements with the Treasury Department to access billions of dollars in aid as the government attempts to shore up one of the industries hardest hit by the coronavirus pandemic.The deal covers all major carriers, the Treasury said in a statement. American Airlines Group Inc., for example, said it would get $5.8 billion in total support while Southwest Airlines Co. said it would receive $3.2 billion. The government is doling out $25 billion in payroll assistance allocated for passenger carriers in the $2.2 trillion stimulus package signed into law March 27.“We welcome the news that a number of major airlines intend to participate in the Payroll Support Program,” Treasury Secretary Steven Mnuchin said in the statement. The program “will support American workers and help preserve the strategic importance of the airline industry while allowing for appropriate compensation to the taxpayers.”The aid represents a temporary lifeline for airlines after t
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