Treasury wants airlines to say how they will pay back loans
DALLAS (AP) — The Treasury Department says airlines that want financial help during the coronavirus outbreak need to say how they will compensate the government for grants used to meet payroll.
The economic-relief bill passed last week gives the Treasury Secretary the power to take an equity stake in airlines that get taxpayer help. The measure includes $25 billion for grants and $25 billion in loans or loan guarantees for passenger airlines. ￼
The Treasury Department posted rules Monday night and told airlines to apply for help by late Friday or face delays in processing their requests.
American Airlines plans to seek $12 billion.