Apr 11, 2020 - Economy & Business

U.S. Treasury: Bailouts for smaller airlines won't require collateral

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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Increased armed presence planned for D.C. tonight

Demonstrators stand around a fire during a protest near the White House in response to the killing of George Floyd. Photo: Alex Wong/Getty Images

Government officials say plans are in place for a significantly heavier armed presence on the streets of Washington, D.C. tonight in response to the increasingly violent protests linked to the death of George Floyd.

What we're hearing: "Tonight you will see increased presence, both police...other agencies, and National Guard presence," a source familiar with the government's plans said.

Updated 41 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 6,226,408 — Total deaths: 373,973 — Total recoveries — 2,672,161Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 1,799,747 — Total deaths: 104,702 — Total recoveries: 444,758 — Total tested: 16,936,891Map.
  3. Public health: Nearly 26,000 coronavirus deaths in nursing homes have been reported to federal health officials —Coronavirus looms over George Floyd protests across the country.
  4. Federal government: Trump lashes out at governors, calls for National Guard to "dominate" streets.
  5. World: Former FDA commissioner says "this is not the time" to cut ties with WHO.
  6. 🎧 Podcast: The virus didn't go away.

New York City to impose curfew amid ongoing protests

Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

New York City will be placed under curfew on Monday from 11pm until 5am Tuesday morning following days of protests over the death of George Floyd, Gov. Andrew Cuomo and Mayor Bill de Blasio announced Monday.

The big picture: Demonstrations in New York, like in cities across the country, turned violent over the weekend as protesters clashed with police late into the night. The number of police officers on the streets of New York will double from 4,000 to 8,000.