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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.

45 mins ago - World

Mapped: The world's most and least corrupt countries

Expand chart
Data: Transparency International; Map: Jared Whalen/Axios

The most corrupt governments in the world are in South Sudan, Syria and Somalia, according to Transparency International's annual index, while the "cleanest" are in Denmark, Finland and New Zealand.

  • Breaking it down: The U.S. is 27th, China 66th, India 85th, Brazil 96th and Russia 136th. Scroll over the map to see each country's ranking.

Crypto leads to massive surge in online scams

Expand chart
Reproduced from FTC; Chart: Axios Visuals

Bogus cryptocurrency investments led to an unprecedented increase in online scams last year, according to new data from the Federal Trade Commission (FTC).

Why it matters: Cryptocurrency is an easy target because while it's surging in popularity, there's still a lot of confusion about how it works.