Ten airlines — including Delta, American, United and Southwest – fell in line after objecting to some of the Treasury Department’s demands. The payroll aid is roughly based on each airline’s spending on wages and benefits from April through September 2019. American Airlines said Treasury approved US$5.8 billion for the airline — a US$4.1 billion grant and a $1.7 billion low-interest loan. Analysts expected United Airlines to also be eligible for more than US$5 billion. Even with the federal aid, airlines are likely to emerge slowly and smaller when the pandemic recedes.

Source: The Standard April 15, 2020 05:15 UTC