Trump administration wants to send taxpayers $500 billion, $50 billion in loans for airlines

Trump administration wants to send taxpayers $500 billion, $50 billion in loans for airlines
# 19 March 2020 00:07 (UTC +04:00)

The Trump administration on Wednesday asked Congress to approve $500 billion in cash payments to taxpayers in two rounds that would start April 6 and $50 billion in secured loans to U.S. airlines to address the financial impact of the coronavirus, according to a document seen by Reuters, APA reports.

The payments would be tiered based on income and family size. They would be made in two $250 billion rounds starting April 6 and May 18, according to the document.

The administration, as part of its $1 trillion stimulus and rescue proposal, also seeks another $150 billion to aid severely distressed sectors of the economy for secured lending or loan guarantees and $300 billion in small business interruption loans.

Officials have said that could include hotels, restaurants, aviation manufacturing, and cruise lines. Boeing Co on Wednesday said it was seeking at least $60 billion in loan guarantees and other financing for the entire aviation manufacturing sector, while cargo and passenger airlines are seeking $58 billion in loans and grants.

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THE OPERATION IS BEING PERFORMED