Yesterday evening, Treasury released updated guidance on the payroll support and loan programs implemented under Title IV of the CARES Act, including certain details of the Payroll Support Program for cargo air carriers and contractors.
According to the guidance, Treasury announced, “In consultation with the Secretary of Transportation, Secretary Steven T. Mnuchin determined that cargo air carriers that receive $50 million or less of payroll support and contractors that receive $37.5 million or less of payroll support will not be required to provide financial instruments as appropriate compensation for the financial assistance. The majority of cargo air carriers and contractors seek less than $10 million.”
In addition, Treasury published the application form for loans to businesses critical to maintaining national security under Division A, Title IV, Subtitle A of the CARES Act. The guidance notes that applications may be submitted online beginning April 27 and are due to the Treasury Department by May 1. Additional information on loans to national security businesses is available online here.
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The National Air Transportation Association (NATA) has been the voice of aviation business for 80 years. Representing nearly 3,700 aviation businesses, NATA’s member companies provide a broad range of services to general aviation, the airlines and the military and NATA serves as the public policy group representing the interests of aviation businesses before Congress and the federal agencies.