Categories: U.S. Treasury

Treasury Implementing CARES Act Programs for Aviation and National Security Industries

WASHINGTON – Today, the U.S. Department of the Treasury made a number of important announcements on payroll support and loan programs implemented under Title IV of the CARES Act.

Since announcing the first Payroll Support Program payments to passenger air carriers on April 20, Treasury has disbursed an additional $9.5 billion in initial payments to approved applicants, including an additional 8 major airlines and 29 smaller passenger air carriers. To date, Treasury has made $12.4 billion in initial payments to 93 air carriers and will continue to make additional payments on a rolling basis. All funds provided under the Payroll Support Program can only be used for employee wages, salaries, and benefits.

Treasury is also announcing certain details of the Payroll Support Program for cargo air carriers and contractors. In consultation with the Secretary of Transportation, Secretary Steven T. Mnuchin determined that cargo air carriers that receive $50 million or less of payroll support and contractors that receive $37.5 million or less of payroll support will not be required to provide financial instruments as appropriate compensation for the financial assistance. The majority of cargo air carriers and contractors seek less than $10 million. 

In addition, Treasury published the application form for loans to businesses critical to maintaining national security under Division A, Title IV, Subtitle A of the CARES Act.  Applications may be submitted online beginning April 27 and are due to the Treasury Department by May 1. Additional information on loans to national security businesses is available online here

“The financial assistance the Treasury Department is providing under Title IV of the CARES Act is essential to help American workers, preserve our aviation industry, and assist businesses that are critical to maintaining national security,” said Secretary Mnuchin. “Treasury is fully committed to delivering relief to the American people and supporting the economy.” 

For more information and Treasury Department updates on program implementation under the CARES Act, visit www.Treasury.gov/CARES.

####

 

IR Press

Share
Published by
IR Press

Recent Posts

Treasury Issues Final Rule Expanding CFIUS Coverage of Real Estate Transactions Around More Than 60 Military Installations

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee…

4 days ago

U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital

WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…

4 days ago

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…

5 days ago

READOUT: U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes

WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…

5 days ago

READOUT: Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…

5 days ago

Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

5 days ago