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Photo: Deccio Serrano/NurPhoto

American Airlines on Friday said it accepted a $5.5 billion loan through the Treasury Department, and may be allowed to tap billions more in October, per Reuters.

The state of play: The company was initially allotted $4.75 billion, but after other carriers, including Delta Air Lines and Southwest Airlines, said they don't plan to take their portion of the $25 billion package earmarked in the CARES Act, more funds were available for other airlines.

  • Air carriers have until Sept. 30 to decide whether to take the loans.
  • United Airlines said earlier this week it also intends to take the Treasury loan. The company did not elaborate on whether it will take the $4.5 billion it was allocated or try to get more, per Reuters.

Details: American Airlines has already drawn down $550 million of the Treasury loan, according to Reuters.

  • The loan carries restrictions on share buy-backs and executive compensation.
  • American Airlines "could tap up to $2 billion more in October depending on how the U.S. Treasury allocates extra funds," Reuters wrote.

Worth noting: U.S. airlines received a separate $25 billion in payroll assistance for passenger airlines under the CARES Act, which was passed in March.

  • Earlier this week, CEOs urged leaders in Washington to support another $25 billion bailout to avoid tens of thousands of furloughs and layoffs.
  • White House chief of Staff Mark Meadows said President Trump would support an additional $25 billion from Congress to extend the current aid package through next March. But lawmakers remain divided over a broader economic relief package, and it's unclear they'll act on any stimulus deal before the November election.

The big picture: U.S. airlines were on their way to another strong year before the pandemic hit, halting most air traffic and causing revenue to evaporate overnight.

Go deeper

Dec 25, 2020 - Health

U.S. to require negative coronavirus test from travelers from the U.K.

Miami International Airport on Dec. 24, 2020. Photo: Daniel Slim/AFP via Getty Images

Starting Monday the U.S. will require all air travelers from the United Kingdom to test negative for coronavirus within 72 hours of their departure, the Centers for Disease Control and Prevention has announced.

The big picture: More than 50 countries have restricted air travel to the U.K., as concerns have continued to grow after the nation and the World Health Organization said they'd identified a new variant of COVID-19 within the country.

Biden: "Being a cop today is one hell of a lot harder than it's ever been"

President Biden speaks during the 40th Annual National Peace Officers Memorial Service at the U.S Capitolon Oct. 16. Photo: Brendan Smialowski/AFP via Getty Images

President Biden speaking at the U.S. Capitol on Saturday honored members of law enforcement who died in the line of duty in 2019 and 2021 and saluted those who are currently serving.

Driving the news: "We expect everything of you, and it's beyond the capacity of anyone to meet the total expectations. Being a cop today is one hell of a lot harder than it's ever been," Biden said.

Updated 5 hours ago - World

Islamic State claims responsibility for deadly bombing in southern Afghanistan

The mosque after the explosion in southern Kandahar province on Oct. 15. Photo: Murteza Khaliqi/Anadolu Agency via Getty Images

The Islamic State group claimed responsibility for a massive blast that tore through a crowded Shiite mosque in the southern Afghan city of Kandahar on Friday, killing at least 47 people and injuring dozens more, AP reports.

Why it matters: Friday's attack was the deadliest to strike Afghanistan since the U.S. withdrew its troops from the region and is the second major attack on a Shiite mosque in a week, underscoring the Taliban's growing security threat from other militant groups.