United secures US$5b in payroll support

United says it will receive US$5b in payroll support from the CARES Act, designed to assist airlines in managing through the decline in demand as a result of the global coronavirus pandemic. United said Wednesday that $3.5b will be in grants and an additional $1.5b will be in low-interest loans. The carrier adds that its parent company also expects to issue warrants to purchase approximately 4.6m shares of common stock to the federal govt. “These funds will cover a portion of our pay and benefits costs through September 30,” the airline said. “This financial support is critical to our people, who are ensuring air service to communities throughout the country and supporting the shipment of much-needed medical supplies and travel of health care professionals around the globe.”<br/>