Mesa Air Group, Inc. has announced the company expects to\nreceive $92.5 million in assistance from the Treasury Department under the\nPayroll Support Program as part of the Coronavirus Aid, Relief and Economic\nSecurity (CARES) Act.<\/p>\n\n\n\n
The funds can only be used for the continuation of payment\nof employee wages, salaries, and benefits for the period April 1, 2020, to\nSeptember 30, 2020. The company is finalizing the agreements with the Treasury\nDepartment and expects it will be completed shortly.<\/p>\n\n\n\n
\u201cWe\u2019d like to thank President Trump and Treasury Secretary\nMnuchin for taking decisive action at this critical juncture,\u201d said Jonathan\nOrnstein, Mesa Air Group Chairman and CEO. \u201cWe also want to thank our partners,\nUnited and American, the Regional Airline Association, and labor leaders Sara\nNelson, President of the Association of Flight Attendants, and Captain Joe\nDePete, President of the Air Line Pilots Association, for working together to\nmake this happen.\u201d<\/p>\n\n\n\n
Ornstein continued, \u201cThis aid may well serve as the bridge\nthat allows the industry to survive and give us the means to continue to\nprovide the safest mass transportation system in history. Most importantly,\nwe\u2019d like to thank all of our employees, particularly those on the front lines\nwho are continuing to provide outstanding service in the face of this crisis.\u201d<\/p>\n\n\n\n
The company has agreed to certain conditions under the\nprogram, such as: prohibitions against involuntary furloughs and reductions in\nemployee pay rates and benefits through September 30, 2020; the elimination of\nshare repurchases and dividends until September 30, 2021; and limits on\nexecutive compensation until March 24, 2022. Because the amount of payroll\nsupport is less than $100 million, the company will not be required to enter\ninto a loan or equity agreement with the Treasury Department. <\/p>\n\n\n\n
The company is also considering applying for federal loans\nthrough a separate program under the CARES Act.<\/p>\n","protected":false},"excerpt":{"rendered":"
Mesa Air Group, Inc. has announced the company expects to receive $92.5 million in assistance from the Treasury Department under the Payroll Support Program as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. The funds can only be used for the continuation of payment of employee wages, salaries, and benefits for 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":[2],"tags":[],"class_list":["post-15252","post","type-post","status-publish","format-standard","hentry","category-arizona"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/15252","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=15252"}],"version-history":[{"count":1,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/15252\/revisions"}],"predecessor-version":[{"id":15253,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/15252\/revisions\/15253"}],"wp:attachment":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/media?parent=15252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/categories?post=15252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/tags?post=15252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}