The U.S. government has begun announcing its $60 billion CARES Act bailout for airlines and airports.
This list will gradually be completed as more details are revealed.
- $10 billion for U.S. Airports
- $50 billion for U.S. Airlines
As part of the United States CARES Act (Coronavirus Aid, Relief, and Economic Security) to cover for these negative effects of COVID-19, the government has allocated $50 billion out of $2 trillion for U.S. airlines. This bailout will protect airline employees from involuntary furloughs or pay rate reductions through Sept. 30, 2020.
Alaska, Allegiant, American, Delta, Frontier, Hawaiian, JetBlue, United, SkyWest, and Southwest intend to participate in the CARES Act payroll support program. Spirit Airlines is planning to join, but hasn’t announced much.
At the moment, these airlines have revealed the details of their bailout:
- Set to receive $992 million
- Consisting of $725 million in direct support, $267 million low-interest loan
- U.S. Treasury will receive the right to buy 847,000 non-voting shares of Alaska Air Group
- Set to receive a total of $5.8 billion.
- $4.1 billion in direct support, $1.7 billion in low-interest loan.
- U.S. government may take a 3% stake in the airline.
Delta Air Lines:
- Set to receive a total of $5.4 billion
- Includes an unsecured 10-year low-interest loan of $1.6 billion
- U.S. government will take a 1% stake in Delta.
- Set to receive a total of $935.8 million
- Consists of $685.1 million direct support, $250.7 million low-interest loan.
- Set to receive a total of $3.2 billion
- Consists of more than $2.3 billion in direct payroll support and a nearly $1 billion unsecured term loan.
- U.S. government potentially taking 0.5% stake in Southwest.
- $5.0 billion total
- $3.5 billion in direct support, $1.5 billion low-interest loan
- Potential 2.1% government stake in the airline.
From what it looks like, every or nearly every U.S. airport will be receiving some grant from the government. The FAA has a full list and a map:
Incomplete list of some big airports and the money they will receive:
- Anchorage Airport - $26,376,060
- Dallas/Fort Worth Airport - $299,199,046
- Los Angeles Airport - $323,636,269
- San Francisco Airport - $254,780,449
- Portland (PDX) Airport - $72,302,494
- Austin Airport - $58,735,130
- San Jose (SJC) Airport - $65,633,236
- Detroit Airport - $141,886,415
- New York JFK - $193,389,105
- New York LGA - $102,931,268
- Newark Airport - $147,522,766
- Miami Airport - $206,949,557
- Orlando Airport - $170,702,779
- Atlanta Airport - $338,535,265
- Chicago O’Hare - $294,441,928
- Denver Airport - $269,073,999
The full list of airports and the amount of money they will receive can be found here: https://www.faa.gov/airports/cares_act/media/cares-act-airport-grant-amounts.pdf
Map of every airport set to receive money: https://www.faa.gov/airports/cares_act/map/
Image by TPG
If there’s any new information not listed in the post, be sure to drop it down below.