American Gets Most as Biggest Airlines Win Bulk of U.S. Aid

Source: Bloomberg News

American Gets Most as Biggest Airlines Win Bulk of U.S. Aid
By Saleha Mohsin and Ryan Beene
May 12, 2020, 6:41 PM CDT Updated on May 12, 2020, 7:17 PM CDT

(Bloomberg) -- Five major airlines have received the lion’s share of federal aid Treasury Secretary Steven Mnuchin has approved in the past six weeks as the industry copes with an economy forced to shut down by the coronavirus pandemic.

American Airlines Group Inc. is the biggest recipient, getting $5.8 billion in payroll assistance from the federal government, according to details the Treasury Department released Tuesday.

The agency posted a table listing the participants and some loan details for its airlines payroll assistance program on its website. Mnuchin has approved $25 billion in payroll assistance for 352 applicants, which included contractors, passenger and cargo carriers, the Treasury said.

The data posted is current as of April 27 and accounts for about $23 billion that has gone out from the $35 billion set aside for payroll support. The program, part of the $2.2 trillion virus stimulus passed by Congress, is intended to keep employees at passenger carriers, cargo hauler and airline contractors on the job.

Read more: https://www.bloomberg.com/news/articles/2020-05-12/american-gets-most-as-biggest-airlines-claim-bulk-of-u-s-aid?srnd=politics-vp