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American Airlines planes parked at Los Angeles International Airport. Photo: Alex Tai/SOPA Images/LightRocket via Getty Images

Congress' massive $2 trillion coronavirus stimulus package includes $58 billion for U.S. airlines, half in grants to cover 750,000 employees' paychecks, and the rest in loans or loan guarantees to help them keep operating during the worst travel downturn in history.

Why it matters: With some 80 million U.S. residents under mandatory stay-at-home orders and the coronavirus pandemic continuing to spread, hardly anyone is flying these days. But when the public health crisis ends, airlines want to be able to take off again quickly.

The big picture: The Treasury Department can demand stock warrants in exchange for the loans, which means U.S. taxpayers could wind up owning a chunk of America's best-known airlines.

  • Air cargo carriers get a chunk of the money, too — $4 billion in grants and $4 billion in loans.
  • Airports get $10 billion in grants and contractors like catering, ground crew and ticketing get $3 billion.

One of the most controversial recipients is Boeing, which, although not named, is believed to get up to $17 billion for loans and loan guarantees for "businesses critical to maintaining national security."

  • Boeing CEO Dave Calhoun told Fox Business that his company would refuse government assistance if it came with equity strings attached.
  • The company could tap other funds in the package and be subject to the same limits on stock buybacks and executive pay as other large employers, without giving up a stake in the company.

In total, the stimulus package includes $114 billion for transportation.

Go deeper: United CEO: Coronavirus impact for airlines "much worse" than 9/11 aftermath

Go deeper

35 mins ago - World

Biden huddles with European allies on Ukraine ahead of Putin call

Putin in the Kremlin. Photo: Grigory Sysoyev/Sputnik via Getty

President Biden will seek to convince Russia's Vladimir Putin in a phone call Tuesday that the price of invading Ukraine would be steeper than anything he's faced in the past.

Driving the news: Biden held a call on Ukraine this evening with the leaders of France, Germany, Italy and the U.K., while Secretary of State Tony Blinken called Ukrainian President Volodymyr Zelensky to offer America's "unwavering support."

Justice Department closes Emmett Till murder probe

A faded photograph is attached to the headstone that marks the gravesite of Emmett Till in Burr Oak Cemetery in Chicago. Photo: Scott Olson via Getty Images

The family of Emmett Till announced Monday that the Department of Justice has formally closed its second investigation into the 1955 murder of Emmett Till.

Why it matters: The DOJ reopened the probe in 2018 after the white woman at the center of the case reportedly recanted her allegation that Till, a Black 14-year-old, sexually harassed her prior to his murder.

GOP Rep. Devin Nunes to retire, will be CEO of Trump media org

Rep. Devin Nunes. Photo: Dylan Hollingsworth/Bloomberg via Getty Images

Rep. Devin Nunes (R-Calif.), who serves as the top Republican on the House Intelligence Committee, will retire at the end of the year and become CEO of Trump's new media organization.

Why it matters: Nunes, once considered a moderate member of the party, became one of the fiercest defenders of former President Donald Trump throughout both of Trump's impeachments and the Intel committee's Russia investigation.