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American Airlines is among 10 airlines that have struck a deal to get federal aid to mitigate the effects of the coronavirus pandemic. Photo: Daniel Slim/AFP via Getty Images

At least 10 U.S. airlines will accept federal aid to help keep employees on the payroll during the coronavirus crisis, in exchange for stock warrants that could give the U.S. government an equity stake in each company.

Why it matters: The deal puts an end to nearly a week of intense negotiations between the airline industry and Treasury Secretary Steven Mnuchin, who insisted that airlines pay back a portion of the payroll aid and that taxpayers get some potential upside in exchange for helping the industry.

Some airlines released details of their aid packages late Tuesday, with more information expected in filings with the Securities and Exchange Commission in the coming days.

  • Southwest Airlines said it would receive nearly $3.2 billion — a $2.3 billion direct grant for payroll support and almost $1 billion in an unsecured, 10-year loan. The loan is expected to include approximately 2.6 million stock warrants issued to the U.S. Department of Treasury, Southwest said.
  • American Airlines said it would receive $5.8 billion — a $4.1 billion grant and a low-interest rate loan of $1.7 billion — but it didn't release details about stock warrants issued to the government.
  • American said it also plans to apply for a separate loan of $4.75 billion from a different tranche of U.S. Treasury funds.

The $25 billion payroll support program for passenger airlines was part of the more than $2 trillion coronavirus relief package passed by Congress last month.

  • The grants are intended to prevent furloughs and pay cuts through Sept. 30.
  • Conditions include limitations on stock buybacks, dividends and executive compensation.

The big picture: Air travel has collapsed in the wake of stay-at-home orders across much of the nation, pummeling the airline industry.

Congress set aside a total of $58 billion in aid to the airline industry as part of the relief package passed last month.

  • $25 billion in grants for passenger airlines to payroll support.
  • $25 billion in loans for passenger airlines.
  • $4 billion in grants and $4 billion in loans for cargo carriers.

Go deeper

Mike Allen, author of AM
4 hours ago - World

Courage vs. coddling with China

Peng Shuai of China serves during the China Open in Beijing in 2017. Photo: Andy Wong/AP

The women's professional tennis tour suspended tournaments in China Wednesday out of concern for Peng Shuai, on the same day that a top business voice made excuses for Beijing.

Why it matters: Ahead of February's Winter Olympics in Beijing, some sports figures are taking on the regime — while Big Business shrinks from confrontation with the world's second-largest economy.

4 hours ago - Sports

What to know about the first MLB lockout since 1995

Illustration: Shoshana Gordon/Axios

Hope you enjoyed the recent flurry of free-agent activity, because it's likely the last non-lockout-related MLB news for a while.

Driving the news: The owners locked out the players after the collective bargaining agreement expired at midnight last night, leading to MLB's ninth work stoppage — and first since 1995.

Biden extends mask mandates for travelers into 2022

President Biden delivers remarks at the White House on Dec. 1. Photo: Anna Moneymaker via Getty Images

President Biden will announce new testing protocols for international travelers on Thursday and extend masking requirements through March as the U.S. prepares to fight the Omicron variant this winter, according to senior administration officials.

Driving the news: The U.S. will tighten pre-departure testing protocols starting early next week by requiring all inbound international travelers to take COVID-19 tests within one day of their departure rather than three.