U.S. airlines are asking the federal government for grants, loans and tax relief that could easily top $50 billion to help them recover from a sharp downturn in travel due to the new coronavirus. Airlines for America, the trade group representing the carriers, disclosed its request for financial help on Monday, just as more airlines around the world were announcing ever-deeper cuts in service and, in some cases, layoffs. The trade group is asking for $29 billion in federal grants, with $25 billion for passenger airlines and $4 billion for cargo carriers. The airlines are also seeking up to $29 billion in low-interest loans or loan guarantees, and they want federal excise taxes on fuel, cargo and airline tickets to be suspended through the end of next year. Investors fear American Airlines cash crunch United Airlines cutting half its flights Latest updates on coronavirus from CBS News That package would easily surpass the $5 billion in grants and up to $10 billion in loan guarantees that Congress approved after the terror attacks of September 2001, which temporarily grounded all U.S. flights and led to a long slump in domestic travel. U.S. airlines are coming off a decade marked by record… Read full this story
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