URGENT

With the President’s signature, Congress enacted a law intended to support airline payrolls through the end of summer. Now it seems that some of that support could be diminished thanks to the broad discretion of the Treasury Department. The industry whose business and workforce have been among the most hurt by COVID-19 will be among the first to lead us out.

Warrants, to compensate for 30% of the grant value, priced at today's stock prices is laughable. Because of the pandemic, airline stock prices have been decimated. On March 1, airline industry balance sheets were the best in the industry's history - reasonable cash balances, unencumbered assets and lines of credit. Today, cash is decimated, unencumbered assets have been borrowed against and lines of credit have been drawn down. All the while employment levels have been maintained.

The industry drives a trillion dollars+ in economic activity. It is the catalyst that multiplies direct expenditures into more. The airline industry ensures that the next round of stimulus multiplies.

This industry is assumed by most. Not fully understood by many. The industry should be embraced by all.

No network carriers = no regional carriers. Fewer hubs = less small community air service. All = fewer employees.