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

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Senate advances Amy Coney Barrett nomination, setting up final confirmation vote

Photo: Xinhua/Ting Shen via Getty Images

The Senate voted 51-48 on Sunday to advance the Supreme Court nomination of Judge Amy Coney Barrett, setting up a final confirmation vote for Monday.

Why it matters: It's now virtually inevitable that the Senate will vote to confirm President Trump's third Supreme Court nominee before the election, which is just nine days away.

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Wall Street is living up to its bad reputation

Illustration: Sarah Grillo/Axios

Recent headlines will have you convinced that Wall Street is hell-bent on living up to all of its stereotypes.

Driving the news: Goldman Sachs is the biggest and the boldest, paying more than $5 billion in fines in the wake of the 1MDB scandal, in which billions were stolen from the people of Malaysia.

2 hours ago - Health

Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk

Former FDA commissioner Scott Gottlieb said "the short answer is yes" when asked whether Vice President Mike Pence is putting others at risk by continuing to campaign after several aides tested positive for COVID-19, stressing that the White House needs to be "very explicit about the risks that they're taking."

Why it matters: The New York Times reports that at least five members of Pence's inner circle, including his chief of staff Marc Short and outside adviser Marty Obst, have tested positive for the virus. Pence tested negative on Sunday morning, according to the VP's office, and he'll continue to travel for the final stretch of the 2020 campaign.