The National Business Aviation Association (NBAA) applauded guidance from the Department of the Treasury, ensuring that qualifying passenger air carriers \u2013 including many small charter operators in NBAA\u2019s membership \u2013 have more flexible access to the Payroll Support Program contained in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.<\/p>\n\n\n\n
Through this program, air carriers can apply for support to\ncontinue paying employees during the COVID-19 pandemic.<\/p>\n\n\n\n
During the debate on the CARES Act, NBAA led a significant\neffort to ensure that general aviation air carriers, such as FAR Part 135\noperators, were eligible for this relief. NBAA\u2019s effort led to the inclusion of\ngeneral aviation in crucial provisions of the CARES Act.<\/p>\n\n\n\n
The new guidance provided by the Treasury Department\nrecognizes the critical role general aviation air carriers play in the nation\u2019s\ntransportation system, and states that operators receiving less than $100\nmillion of payroll assistance are not required to provide financial instruments\nto the government.<\/p>\n\n\n\n
Air carriers receiving payroll support must meet minimum\nservice requirements, limit any share buybacks, follow executive compensation\nlimits and refrain from involuntary furloughs; however, the provision of\nfinancial instruments to the government as appropriate compensation is no\nlonger required.<\/p>\n\n\n\n
In a March 31 letter to Secretary Mnuchin, NBAA explained\nthat initial guidance on the payroll support program presented challenges for\ngeneral aviation businesses, as specific requirements were structured for the\nmajor scheduled airlines. Review the letter to Secretary Mnuchin. The\nadditional guidance issued today responds directly to these concerns and\nprovides essential flexibility for general aviation air carriers seeking\npayroll support.<\/p>\n\n\n\n
The Treasury Department noted that the majority of payroll\nsupport requests received from small air carriers are for less than $10\nmillion, and that funds will be available promptly upon approval of their applications.<\/p>\n\n\n\n
\u201cWe appreciate the significant efforts of Treasury Secretary\nMnuchin and Transportation Secretary Chao to understand the unique financial\nchallenges of general aviation air carriers and provide additional flexibility\nwhile ensuring that taxpayers are properly compensated,\u201d said NBAA President\n& CEO Ed Bolen. \u201cThese companies are often small and mid-sized businesses,\nwhich support jobs and economic investment in their local communities.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The National Business Aviation Association (NBAA) applauded guidance from the Department of the Treasury, ensuring that qualifying passenger air carriers \u2013 including many small charter operators in NBAA\u2019s membership \u2013 have more flexible access to the Payroll Support Program contained in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Through this program, air carriers […]<\/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":[36],"tags":[],"class_list":["post-15200","post","type-post","status-publish","format-standard","hentry","category-district-of-columbia"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/15200","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=15200"}],"version-history":[{"count":1,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/15200\/revisions"}],"predecessor-version":[{"id":15201,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/15200\/revisions\/15201"}],"wp:attachment":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/media?parent=15200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/categories?post=15200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/tags?post=15200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}