{"id":15193,"date":"2020-04-13T16:02:03","date_gmt":"2020-04-13T16:02:03","guid":{"rendered":"https:\/\/stateaviationjournal.com\/?p=15193"},"modified":"2020-04-13T16:02:04","modified_gmt":"2020-04-13T16:02:04","slug":"treasury-announces-it-will-not-require-small-passenger-air-carriers-to-offer-financial-instruments-in-exchange-for-payroll-support","status":"publish","type":"post","link":"https:\/\/stateaviationjournal.com\/index.php\/national-news\/treasury-announces-it-will-not-require-small-passenger-air-carriers-to-offer-financial-instruments-in-exchange-for-payroll-support\/%20","title":{"rendered":"Treasury Announces It Will Not Require Small Passenger Air Carriers to Offer Financial Instruments In Exchange For Payroll Support"},"content":{"rendered":"\n

Treasury Secretary Steve Mnuchin announced<\/a> that small passenger air carriers with payroll under $100 million dollars would not be required to provide financial instruments as appropriate compensation for assistance received pursuant to the CARES Act, Title IV, Subpart B, Air Carrier Worker Support Program.<\/p>\n\n\n\n

\u201cWe thank Secretary Mnuchin and his excellent staff for\nhearing the concerns of NATA membership whose aviation businesses have been\nhard hit by the pandemic. We appreciate their consideration of the diverse and unique\nnature of Part 135 operators and work to expedite relief to the employees of\nthese vital and essential American companies. We look forward to continuing to\nwork with the Secretary and his staff to provide similar relief for small\nbusinesses that are Part 135 air cargo operators and other aviation businesses,\nincluding FBOs that provide ground handling services to the commercial\nairlines, who have filed applications for relief under the same Subpart B of\nthe CARES Act,\u201d said NATA President and CEO Timothy Obitts.<\/p>\n\n\n\n

The Treasury Department will not require passenger air\ncarriers that will receive $100 million of payroll assistance or less to\nprovide financial instruments as appropriate compensation. As such, for\npassenger air carriers with payroll support payments up to $100 million, funds\nwill be available promptly upon approval of their applications. The majority of\nthese requests seek less than $10 million. Due to the small size of the awards,\nand not needing to conduct negotiations over financial instruments, Treasury\nanticipates being able to promptly distribute the funds.<\/p>\n\n\n\n

\u201cSmall and medium-sized passenger aviation businesses are\nparticularly vulnerable to the disruption from COVID 19. This determination\nwill provide significant support to workers and businesses across the country,\nwhile also appropriately compensating taxpayers,\u201d said Secretary Mnuchin in the\nDepartment\u2019s press release.<\/p>\n\n\n\n

\u201cThe staff at Treasury has been truly exceptional in\nterms of their accessibility and receptiveness to our questions and concerns.\nDuring consideration of the CARES Act, NATA fought hard on behalf of our\nmembers to ensure they would be eligible for assistance. We are grateful that\nthe Secretary has used his authority to quickly assist the employees of our\nmember companies,\u201d said Jonathon Freye, NATA Vice President of Government and\nPublic Affairs.<\/p>\n\n\n\n

According to guidance by the Treasury Department, applications<\/a> will continue to be accepted \u201cuntil 11:59 p.m. EDT on April 27, 2020. However, applications submitted after April 3 may receive less immediate consideration. Applications received after April 27, 2020 may or may not be considered at the discretion of the Treasury Department, subject to the availability of funds.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Treasury Secretary Steve Mnuchin announced that small passenger air carriers with payroll under $100 million dollars would not be required to provide financial instruments as appropriate compensation for assistance received pursuant to the CARES Act, Title IV, Subpart B, Air Carrier Worker Support Program. \u201cWe thank Secretary Mnuchin and his excellent staff for hearing the […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[115],"tags":[],"class_list":["post-15193","post","type-post","status-publish","format-standard","hentry","category-national-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/15193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/comments?post=15193"}],"version-history":[{"count":1,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/15193\/revisions"}],"predecessor-version":[{"id":15194,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/15193\/revisions\/15194"}],"wp:attachment":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/media?parent=15193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/categories?post=15193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/tags?post=15193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}