Delta planes sit idle at Kansas City International Airport on April 3 in Kansas City, Missouri. Photo: Jamie Squire/Getty Images

Small to medium airlines receiving bailouts of up to $100 million from the $2.2 trillion coronavirus rescue package will not have to provide the federal government with compensation or equity stakes, the Treasury Department announced Friday evening.

Why it matters: The airline industry got a $58 billion lifeline in the federal aid package, but the sector's operations and prospects will be forever changed by the global pandemic. Approximately 230 air carriers have applied for payroll assistance, the department said.

What they're saying: “The Payroll Assistance Program is critical to providing much-needed relief to Americans who work in the aviation industry,” Treasury Secretary Steven Mnuchin said in a press release.

  • “Small and medium-sized passenger aviation businesses are particularly vulnerable to the disruption from COVID 19. This determination will provide significant support to workers and businesses across the country, while also appropriately compensating taxpayers.” 

What's next: The department is currently working with 12 passenger air carriers — larger airlines — that are seeking more than $100 million in assistance. Those airlines will need "to secure appropriate financial instruments to compensate taxpayers," Mnuchin said.

Go deeper: Airline industry braces for a forever-changed world

Go deeper

How small businesses got stiffed by the coronavirus pandemic

Illustration: Aïda Amer/Axios

The story of American businesses in the coronavirus pandemic is a tale of two markets — one made up of tech firms and online retailers as winners awash in capital, and another of brick-and-mortar mom-and-pop shops that is collapsing.

Why it matters: The coronavirus pandemic has created an environment where losing industries like traditional retail and hospitality as well as a sizable portion of firms owned by women, immigrants and people of color are wiped out and may be gone for good.

Apple's antitrust fight turns Epic

Illustration: Aïda Amer/Axios

Millions of angry gamers may soon join the chorus of voices calling for an antitrust crackdown on Apple, as the iPhone giant faces a new lawsuit and PR blitz from Epic Games, maker of mega-hit Fortnite.

Why it matters: Apple is one of several Big Tech firms accused of violating the spirit, if not the letter, of antitrust law. A high-profile lawsuit could become a roadmap for either building a case against tech titans under existing antitrust laws or writing new ones better suited to the digital economy.

Survey: Fears grow about Social Security’s future

Data: AARP survey of 1,441 U.S. adults conducted July 14–27, 2020 a ±3.4% margin of error at the 95% confidence level; Chart: Naema Ahmed/Axios

Younger Americans are increasingly concerned that Social Security won't be enough to wholly fall back on once they retire, according to a survey conducted by AARP — in honor of today's 85th anniversary of the program — given first to Axios.

Why it matters: Young people's concerns about financial insecurity once they're on a restricted income are rising — and that generation is worried the program, which currently pays out to 65 million beneficiaries, won't be enough to sustain them.