Wednesday, 17 March, 2021
Treasury Releases PSP3 Guidance | NATA to Provide Associated Resource
The Treasury has issued guidelines for relief (PSP3) to passenger air carriers and contractors pursuant to the American Rescue Plan Act (ARP) of 2021.
NATA President and CEO Timothy Obitts and Vedder Price’s David Hernandez will walk aviation businesses step-by-step through the PSP3 guidelines. Please click here to receive the video resource.
- Treasury only has authority to provide PSP3 financial assistance to a passenger air carrier or contractor that:
- received assistance under PSP2;
- provided air transportation or performed eligible contractor functions as of March 31, 2021;
- has not conducted involuntary terminations or furloughs or reduced pay rates or benefits between March 31, 2021, and the date on which the air carrier or contractor makes certifications that will be included in its PSP3 agreement with Treasury.
- Treasury is required to provide financial assistance under PSP3 in the same form and on the same terms and conditions as under PSP2.
- PSP2 recipients will not be required to apply for PSP3. Treasury will contact each PSP2 recipient to complete program documentation to participate in PSP3.
Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 authorized Treasury to provide further financial assistance (PSP2) to passenger air carriers and certain contractors. The ARP was enacted on March 11, 2021, authorizing Treasury to provide additional assistance (PSP3) to passenger air carriers and contractors that received financial assistance under PSP2.
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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.