On March 30, 2020, the Department of the Treasury published guidelines and procedures for passenger and cargo air carriers (together, “Air Carriers”) seeking relief under the recently passed Coronavirus Aid, Relief and Economic Security (CARES) Act. The Act, which provides significant relief to Air Carriers and aviation employees in the wake of the economic fallout from the coronavirus (COVID-19) pandemic, ordered the Secretary of the Treasury (together with the Department of the Treasury, “the Treasury”) to provide guidance in assisting eligible businesses in applying for (i) loans pursuant to the Act, and (ii) payroll support to enable the continued payment of employee wages, salaries, and benefits. In this Client Alert, we summarize both the Procedures and Minimum Requirements for Loans (“Air Carrier Support Guidelines”) as well as the Guidelines and Application Procedures for Payroll Support (“Payroll Support Guidelines”) released by the Treasury.
Congress Provides COVID-19 Relief to Airlines and Aviation Workers – 3/30
For additional information, please contact any member of Haynes and Boone’s Aviation Practice Group.
