2020-03-16, 04:19 PM
https://www.businessinsider.com/coronavi...use-2020-3
The largest airlines in the United States on Monday released details of a financial aid package designed to help shore up carriers' balance sheets as the novel coronavirus wreaks havoc on the industry.
The roughly $54 billion proposal by Airlines For America — a trade group comprised of passenger carriers like United, American, and Delta Air Lines as well as cargo carriers UPS and FedEx among others — comes as flight schedules around the world are pared in response to weak travel demand and in some cases outright bans by the United States and Europe.
The recommendations are in three parts: $29 billion in grants ($25 billion to passenger carriers, $4 billion to cargo), $25 billion in unsecured loans, and tax breaks.
"Each U.S. carrier is having direct and continuous conversations with their employees, and everyone understands the severity of the situation," the group said in its working document. "The current economic environment is simply not sustainable, and it is compounded by the fact that the crisis does not appear to have an end in sight."
Many airlines around the world have seen their market values drop by more than 50% from recent highs as flights are slashed. As of Monday afternoon, the virus had infected more than 178,000 people worldwide, with 4,093 of those in the United States.
The largest airlines in the United States on Monday released details of a financial aid package designed to help shore up carriers' balance sheets as the novel coronavirus wreaks havoc on the industry.
The roughly $54 billion proposal by Airlines For America — a trade group comprised of passenger carriers like United, American, and Delta Air Lines as well as cargo carriers UPS and FedEx among others — comes as flight schedules around the world are pared in response to weak travel demand and in some cases outright bans by the United States and Europe.
The recommendations are in three parts: $29 billion in grants ($25 billion to passenger carriers, $4 billion to cargo), $25 billion in unsecured loans, and tax breaks.
"Each U.S. carrier is having direct and continuous conversations with their employees, and everyone understands the severity of the situation," the group said in its working document. "The current economic environment is simply not sustainable, and it is compounded by the fact that the crisis does not appear to have an end in sight."
Many airlines around the world have seen their market values drop by more than 50% from recent highs as flights are slashed. As of Monday afternoon, the virus had infected more than 178,000 people worldwide, with 4,093 of those in the United States.