This note summarizes the provisions of the CARES Act that address financial assistance for the U.S. aviation industry in the wake of the Covid-19 coronavirus.
Background -
On March 27, 2020 President Trump signed into law the "Coronavirus Aid, Relief, and Economic Security Act" or the "Cares Act" (the "Act"). As part of a $2 trillion stimulus package to provide relief from losses incurred as a direct result of Covid-19 coronavirus, the Act authorizes the Treasury Department to use federal funds to provide financial assistance to Eligible Borrowers and Contractors in the aviation industry in the form of direct loans, loan guarantees, grants, tax relief and other investments.
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