The U.S. Treasury Department said on Monday it had disbursed $2.9 billion in initial payroll assistance to 54 smaller passenger carrier and two major passenger airlines, while it finalized grant agreements with six major airlines.
FILE PHOTO: Delta Air Lines passenger planes are seen parked due to flight reductions made to slow the spread of coronavirus disease , at Birmingham-Shuttlesworth International Airport in Birmingham, Alabama, U.S. March 25, 2020. REUTERS/Elijah Nouvelage
Treasury said on Monday it had finalized grant agreements with Allegiant Air, American Airlines Group Inc, Delta Air Lines Inc, Southwest Airlines Co, Spirit Airlines Inc, and United Airlines Holdings Inc. Southwest said it would receive half of the $3.2 billion payroll award immediately and the remainder in installments during May, June and July.
Airlines receiving funds cannot lay off employees before Sept. 30 or change collective bargaining agreements and must agree to restrictions on buybacks, executive compensation and dividends.
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