July 7 (UPI) -- Delta, United, JetBlue, Southwest and Alaska airlines signed letters of intent to receive federal loans to help the industry weather the COVID-19 pandemic, the Treasury Department announced Tuesday.
The companies will receive a portion of the $25 billion in loans allocated for U.S. passenger airlines in the $2 trillion Coronavirus Aid Relief and Economic Security Act passed in March.
Last week American Airlines, Hawaiian Airlines, Sky West Airlines and Spirit Airlines signed letters of intent to receive the loans.
"The major U.S. airlines play a vital role in our economy and are critical to domestic and international travel and commerce," Treasury Secretary Steven Mnuchin said. "These airlines are among the companies most heavily affected by the disruptions to social and economic activity caused by the pandemic."
The terms of the potential loans were not released, but Delta in April said it would accept $5.4 billion in relief aid from the Treasury Department.
Delta reported its first quarterly loss in five years in April, and projected a decline of as much as 90 percent for April, May and June.
Airline stocks have struggled amid rising COVID-19 cases and limited travel, as United stock fell 7.55 percent on Tuesday.. Some states, such as New York and New Jersey, have required travelers from areas most affected by the virus to quarantine.