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7/2, 3:14 PM (Source: TeleTrader)
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US Treasury, five airlines agree on loans

The United States Treasury Department and five US airlines announced on Thursday they agreed on loan terms under the CARES Act, meaning they will extend loans they had asked for due to the coronavirus pandemic. The companies that signed letters of intent with the Treasury Department are American Airlines, Frontier Airlines, Hawaiian Airlines, Sky West Airlines and Spirit Airlines.

Treasury Secretary Steve Mnuchin stated: "We are pleased that major air carriers intend to use this important program and for Treasury to use its authority under the CARES Act to provide much-needed financial assistance, while ensuring appropriate taxpayer compensation." He also added that the Treasury Department wishes to finalize the loan agreements soon.

Earlier, United States President Donald Trump has stressed that support for aviation is crucial for economic recovery in the US.

Breaking the News / VP