U.S. Department of the Treasury

Payroll Support Program

Under the Payroll Support Program (PSP), the Treasury Department awarded $59 billion in three rounds of financial assistance (PSP1, PSP2, and PSP3) to the domestic aviation industry for the continued payment of employee wages, salaries, and benefits.

• PSP1 was authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
• PSP2 was authorized by the Consolidated Appropriations Act, 2021.
• PSP3 was authorized by the American Rescue Plan (ARP) Act of 2021.

As of May 2024, the Treasury Department has completed closeout activities for approximately 641 large and small business that received financial assistance under PSP.

Program recipients with questions about reporting, technical issues, eligible uses of funds, or other items click here for self-service resources.

Information for Program Participants:

PSP3 Guidance and Information

• PSP3 Guidelines
• Form of PSP3 Agreement

PSP2 Guidance and Information

• PSP2 Guidelines and Application Procedures (12/29/20)
• Form of PSP2 Agreement – Passenger Air Carriers
• Form of PSP2 Agreement – Contractors
• PSP2 Frequently Asked Questions (03/10/2021)
• PSP2 Frequently Asked Question (01/19/2021)

PSP1  Guidance and Information

• Guidelines and Application Procedures for Payroll Support to Air Carriers and Contractors (3/30/20)
• Form of Payroll Support Program Agreement
• FAQ Update: Payroll Support to Air Carriers and Contractors (12/16/20) 
• FAQ Update: Payroll Support to Air Carriers and Contractors (7/14/20)
• FAQ Update: Payroll Support to Air Carriers and Contractors (4/20/20)
• FAQ: Application Procedures for Payroll Support to Air Carriers and Contractors (4/3/20)
• FAQ Update: Payroll Support to Air Carriers and Contractors (4/3/20)
• FAQ: Payroll Support to Air Carriers and Contractors Under Division A, Title IV, Subtitle B of the CARES Act (4/2/20)

Compliance

Frequently Asked Questions (updated 6/30/2020)

Creating a Certified Digital Identity (7/9/2020)

Data Collection Template Guidance (7/19/2020)

General Questions and CARES Administration Hub Guidance (10/16/2020)

Related Information

• Determination of Applicable SOFR Rate for Payroll Support Program Notes (4/16/25)
• Treasury Announces Payroll Support to Aid Employees of Small Passenger Air Carriers (4/10/20)
• Statement by Secretary Mnuchin on the Payroll Support Program (4/14/20)
• Treasury Finalizes Agreements with Major Airlines, Disburses Initial Payroll Support Program Payments (4/20/20)
• Update on Treasury Implementation of the Payroll Support Program for the Aviation Industry (5/12/2020)

Reports to Congress on the PSP

Report on Pandemic Relief for Aviation Workers (11/01/2020)

Update to the Report on Pandemic Relief for Aviation Workers (03/29/2021)

Report on Pandemic Relief for Aviation Workers (05/01/2021)

Update to the Report on Pandemic Relief for Aviation Workers (12/28/2021)

LOAN PROGRAM

Treasury has published resources for making loans to provide liquidity to eligible businesses related to losses incurred as a result of coronavirus.

A list of loan program participants along with transaction summaries and documentation is available online.

Reports to Congress on the loan program are available online. 

Program Information

• Procedures and Minimum Requirements for Loans to Air Carriers and Eligible Businesses and National Security Businesses under Division A, Title IV, Subtitle A of the CARES Act (3/30/20)
• FAQ: Loans to Air Carriers and Eligible Businesses and National Security Businesses (4/10/20)
• FAQ Update: Loans to Air Carriers and Eligible Businesses (7/15/20)

WARRANT AUCTION

Treasury has published resources related to the auctions to sell its warrants that were issued by certain publicly traded airlines. 

Warrant Auction Procedures Revised as of 5/31/2024

Warrant Issuer Summary & Reserve Prices as of 6/12/2024

Public Warrant Agreements

• Alaska Air Group, Inc. (ALK): Warrant Agreement (PSP), Warrant Agreement (PSP2), Warrant Agreement (PSP3), Warrant Agreement (Loan)
• Allegiant Travel Company (ALGT): Warrant Agreement (PSP), Warrant Agreement (PSP2)
• American Airlines Group Inc. (AAL): Warrant Agreement (PSP), Warrant Agreement (PSP2), Warrant Agreement (PSP3), Warrant Agreement (Loan)
• Delta Air Lines, Inc. (DAL): Warrant Agreement (PSP), Warrant Agreement (PSP2), Warrant Agreement (PSP3)
• Frontier Group Holdings, Inc. (ULCC): Warrant Agreement (PSP), Warrant Agreement (PSP2), Warrant Agreement (PSP3), Warrant Agreement (Loan)
• Hawaiian Holdings, Inc. (HA): Warrant Agreement (PSP), Warrant Agreement (PSP2), Warrant Agreement (PSP3), Warrant Agreement (Loan)
• JetBlue Airways Corporation (JBLU): Warrant Agreement (PSP), Warrant Agreement (PSP2), Warrant Agreement (PSP3), Warrant Agreement (Loan)
• SkyWest, Inc. (SKYW): Warrant Agreement (PSP), Warrant Agreement (PSP2), Warrant Agreement (PSP3), Warrant Agreement (Loan)
• Southwest Airlines Co. (LUV):  Warrant Agreement (PSP), Warrant Agreement (PSP2), Warrant Agreement (PSP3)
• Spirit Airlines, Inc. (SAVE):  Warrant Agreement (PSP), Warrant Agreement (PSP2), Warrant Agreement (PSP3)
• United Airlines Holdings, Inc. (UAL) : Warrant Agreement (PSP), Warrant Agreement (PSP2), Warrant Agreement (PSP3), Warrant Agreement (Loan)
   

Form of Auction Participation Agreement  (Updates Only to Annex A & Schedule A)

Form of Securities Purchase Agreement as of 5/23/2024
 

Related Press Releases

Treasury Releases Airline Warrant Auction Detailed Results (7/31/2024)

Treasury Auctions for Airline Warrants Generate $556 Million to Taxpayers (6/21/2024)

Treasury Announces Plan to Sell Airline Warrants (5/10/2024)

Treasury Announces Payroll Support to Aid Employees of Small Passenger Air Carriers (4/10/20)

Treasury Finalizes Agreements with Major Airlines, Disburses Initial Payroll Support Program Payments (4/20/20)

Update on Treasury Implementation of the Payroll Support Program for the Aviation Industry (5/12/2020)