Major U.S. passenger and cargo airlines say they need more than $50 billion in federal bailout money as the coronavirus pandemic closes businesses and dramatically slows down air travel.
A lobbying group that represents 10 U.S. passenger and cargo airlines said Monday that in a worst-case scenario, the airlines will "run out of money completely sometime between June 30 and the end of the year."
The aid, if received, would be the industry's first broad bailout since the wake of the Sept. 11, 2001 attacks. It is also the clearest sign yet of the financial damage coronavirus and the draconian measures governments are taking to stop it are having on American businesses.
Airlines for America, which represents carriers including Delta, United, American, and Southwest, recommended passenger carriers immediately receive up to $25 billion in grants to compensate for reduced liquidity and in the medium-term $25 billion in low- or zero-interest loans.