Package aims to keep employees on payroll until October >>
by: Harvey Chipkin
Major passenger airlines have agreed in principle to a $25 billion rescue package, ensuring airline workers have jobs until October while the industry battles its biggest crisis ever. According to the U.S. Treasury Department, major carriers will receive 70% of the funds for payroll in cash assistance that will not need to be paid back, while smaller carriers receiving $100 million or less will not need to repay any funds. The six largest US airlines — American Airlines Group Inc., United Airlines Holdings Inc., Delta Air Lines Inc., Southwest Airlines Co., JetBlue Airways Corp. and Alaska Airlines — as well as four other airlines accepted the support, Treasury said. Agreements should be finalized soon, and funds disbursed quickly, it said.
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