$15 billion for passenger air carriers, $1b to contractors, none for cargo.
Airlines can apply for the same amount they would've received under the CARES Act if there had been enough money to 100% fulfill every request, so if everyone reapplies they'll probably get 60% of the amount they received in the first round. There's some slight changes for real small carriers or first time applicants.
Supposed to be roughly the same terms and conditions as the first round, including possible grants vs loans and requirements for warrants/options/etc.
Notice of recall to involuntarily furloughees sent within 72 hours of an agreement (back to furloughs from 10/1 for carriers that got grants earlier since they weren't allowed to furlough until then, back to 3/27/20 for new applicants), with backpay from 12/1/20 minus any furlough pay/severance/separation pay.
No involuntary furloughs nor reduction in pay rates until 3/31/21, no stock repurchases nor dividends through 3/31/22, limits on officer/non-CBA employee compensation through 10/1/22.
Minimum air service guarantees might be back through 3/1/22 although DoT could've required them as a condition for all the loans, so who knows if they'll be back.
Airlines can apply for the same amount they would've received under the CARES Act if there had been enough money to 100% fulfill every request, so if everyone reapplies they'll probably get 60% of the amount they received in the first round. There's some slight changes for real small carriers or first time applicants.
Supposed to be roughly the same terms and conditions as the first round, including possible grants vs loans and requirements for warrants/options/etc.
Notice of recall to involuntarily furloughees sent within 72 hours of an agreement (back to furloughs from 10/1 for carriers that got grants earlier since they weren't allowed to furlough until then, back to 3/27/20 for new applicants), with backpay from 12/1/20 minus any furlough pay/severance/separation pay.
No involuntary furloughs nor reduction in pay rates until 3/31/21, no stock repurchases nor dividends through 3/31/22, limits on officer/non-CBA employee compensation through 10/1/22.
Minimum air service guarantees might be back through 3/1/22 although DoT could've required them as a condition for all the loans, so who knows if they'll be back.
