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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.

World leaders react to "new dawn in America" under Biden administration

President Biden reacts delivers his inaugural address on the West Front of the U.S. Capitol on Wednesday. Photo: Alex Wong/Getty Images

World leaders have pledged to work with President Biden on issues including the COVID-19 pandemic and climate change, with many praising his move to begin the formal process for the U.S. to rejoin the Paris Climate Agreement.

The big picture: Several leaders noted the swift shift from former President Trump's "America First" policy to Biden's action to re-engage with the world and rebuild alliances.

Updated 4 hours ago - Politics & Policy

In photos: The Biden and Harris inauguration

President Biden and first lady Jill Biden watch a fireworks show on the National Mall from the Truman Balcony at the White House on Wednesday night. Photo: Chip Somodevilla/Getty Images

President Biden signed his first executive orders into law from the Oval Office on Wednesday evening after walking in a brief inaugural parade to the White House with first lady Jill Biden and members of their family. He was inaugurated with Vice President Kamala Harris at the U.S. Capitol on Wednesday morning.

Why it matters: Many of Biden's day one actions immediately reverse key Trump administration policies, including rejoining the Paris Agreement and the World Health Organization, launching a racial equity initiative and reversing the Muslim travel ban.