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.

Categories: Coronavirus, National News