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Treasury doles out another $9.5B to U.S. airlines for payroll aid

Treasury doles out another $9.5B to U.S. airlines for payroll aid
U.S. Treasury Secretary Steve Mnuchin said the stimulus will help preserve the airline industry.  File Photo by Yuri Gripas/UPI | License Photo

April 25 (UPI) -- The U.S. Treasury said Saturday it dispersed an additional $9.5 billion in aid to airlines, bringing the total stimulus to the industry to $12.4 billion during a slowing demand for travel.

The fund went to eight major airlines and 29 smaller passenger carriers, a statement said. Previously, $2.9 billion was disbursed to 93 air carriers for the Payroll Support Program announced Monday.

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Program funds can be used only to pay "employee wages, salaries and benefits," the Treasury said, and more payments will be made to approved applicants "on a rolling basis."

The program was created under the $2.3 trillion Coronavirus Aid, Relief, and Economic Security Act that President Donald Trump signed last month.

"The financial assistance the Treasury Department is providing under Title IV of the CARES Act is essential to help American workers, preserve our aviation industry, and assist businesses that are critical to maintaining national security," Treasury Secretary Steven Mnuchin said in the statement. "Treasury is fully committed to delivering relief to the American people and supporting the economy."

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