US: Treasury to provide small airlines aid without taking financial stake

The US govt won’t take a stake in small airlines seeking federal aid as part of a US$2.2t economic-stimulus package passed amid the coronavirus pandemic, the Treasury Department said Friday. The department said airlines requesting less than $100m in payroll-assistance grants won’t be required to provide financial stakes in exchange for the aid “as a result of benefits to the public,” including requirements that the companies maintain needed air service and refrain from involuntary furloughs or layoffs. “Small and medium-sized passenger aviation businesses are particularly vulnerable to the disruption from Covid‑19,’’ said treasury secretary Steven Mnuchin. “This determination will provide significant support to workers and businesses across the country, while also appropriately compensating taxpayers.” <br/>