The U.S. Department of the Treasury announced that it has closed loans to seven major passenger airlines as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The seven carriers are Alaska Airlines, American Airlines, Frontier Airlines, JetBlue Airways, Hawaiian Airlines, SkyWest Airlines, and United Airlines.
Officials say it’s likely that the initial loan amounts the airlines applied for in its pool of $25 billion will be increased because some major airlines may opt to secure financing in the private market instead of through the Treasury Department.
“The payroll support and loan programs created by the CARES Act have saved a large number of aviation industry jobs, and kept workers employed and connected to their health care, during an unprecedented time,” said Secretary of the Treasury Steven T. Mnuchin.
“We are pleased to conclude loans that will support this critical industry