Air Carrier Worker Support Extension Act of 2020
This bill extends authority for the Department of the Treasury to provide financial assistance to passenger air carriers, cargo air carriers, and contractors of passenger air carriers for the continuation of payment of employee wages, salaries, and benefits.
The maximum amounts of financial assistance that may be provided by Treasury for this purpose are $25.5 billion for passenger air carriers, $300 million for cargo air carriers, and $3 billion for contractors .
The bill provides specific deadlines and procedures under which Treasury must provide financial assistance to air carriers and contractors.
To be eligible for financial assistance, an air carrier or contractor must (1) agree not to reduce pay and benefits or conduct involuntary furloughs until March 31, 2021; and (2) agree, through March 31, 2022, not to repurchase stock, pay dividends, or make other capital distributions. Additionally, Treasury may require carriers that receive assistance to maintain service to points served before March 1, 2020. Such authority terminates on April 1, 2022.
The bill limits the maximum allowable compensation of an officer or employee of an air carrier or contractor that receives assistance.
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