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U.S. Airline Bailout Offers Loans and Cash-for-Equity Aid

  • Mnuchin has discretion to seek airline shares via aid
  • Separate $17 billion aimed at helping planemaker Boeing
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Photographer: Mandel Ngan/AFP via Getty Images

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Struggling U.S. airlines will be eligible to receive federal loans and, if they are willing to give the government an option for an ownership stake, direct cash assistance under the coronavirus rescue deal reached by lawmakers and the White House.

The legislation, which the Senate passed late Wednesday night, includes a $61 billion lifeline for struggling U.S. airlines, cargo carriers and contractors, with about half in loans and half in cash assistance to support salaries, benefits and other employee costs, according to the bill text.