Section 4003 of the Coronavirus Aid, Relief and Economic Security Act (CARES Act) authorizes the Treasury Department to make loans, loan guarantees, and other investments to provide liquidity to eligible businesses related to losses incurred as a result of the coronavirus pandemic.
Division A, Title IV, Subtitle A of the CARES Act provides up to $25 billion for loans and loan guarantees to passenger air carriers, repair station operators certified under 14 CFR part 145, and ticket agents; up to $4 billion for loans and loan guarantees to cargo air carriers; and up to $17 billion for loans and loan guarantees to businesses critical to maintaining national security.
The CARES Act requires borrowers to agree to maintain employment levels as of March 24, 2020 to the extent practicable, and in any case not reduce their employment levels by more than 10 percent from the levels on such date, until September 30, 2020. Under the statute, borrowers must also agree to certain restrictions on employee compensation; agree not to repurchase stock, except to the extent required under a contractual obligation in effect as of March 27, 2020; and agree not to pay dividends or make other capital distributions with respect to the borrower’s common stock until 12 months after the loan has been repaid.
The CARES Act also requires that the Treasury Department receive a warrant or equity instrument in the borrower if the borrower is a public company (unless the Treasury Department determines that the issuance of warrants or equity is infeasible, in which case the company must provide a senior debt instrument), or a warrant, equity instrument, or senior debt instrument if the borrower is a private company, to compensate taxpayers.
In addition, the CARES Act requires the Treasury Department to publish on its website, within 72 hours after any loan transaction, information about the transaction including its material terms and relevant documentation.
DATA CURRENT AS OF 1/21/2021
air carriers, repair station operators, and ticket agents 1
| Borrower | City 2 | State 2 | Total Anticipated Loan Amount | Date of Application | Date of Loan Agreement 3 | Transaction Information 4 | |
|---|---|---|---|---|---|---|---|
| AERO HYDRAULICS, INC. | FAYETTEVILLE | GA | $450,000 | 05/1/2020 | 10/26/2020 | ||
| ALASKA AIRLINES, INC. | SEATTLE | WA | $1,928,000,000 | 04/17/2020 | 09/28/2020 (amended 10/30/2020 and 01/15/2021) | ||
| ALLFLIGHT CORPORATION | KENT | WA | $4,721,260 | 04/17/2020 | 11/05/2020 | ||
| AMERICAN AIRLINES, INC. | FORT WORTH | TX | $7,500,000,000 | 04/18/2020 | 09/25/2020 (amended 10/21/2020 and 01/15/2021) | ||
| AMERICAN JET INTERNATIONAL CORP | HOUSTON | TX | $1,162,124 | 04/09/2020 | 11/05/2020 | ||
| AVIATION MANAGEMENT & REPAIRS, INC. | FORT PIERCE | FL | $4,026,705 | 04/29/2020 | 11/05/2020 | ||
| BRISTIN TRAVEL, LLC | FAYETTEVILLE | AR | $549,651 | 04/11/2020 | 10/26/2020 | ||
| CARIBBEAN SUN AIRLINES, INC. | VIRGINIA GARDENS | FL | $6,768,749 | 04/17/2020 | 11/05/2020 (amended 12/7/2020) | ||
| EASTERN AIRLINES LLC | WAYNE | PA | $15,000,000 | 04/18/2020 | 10/28/2020 | ||
| ELITE AIRWAYS, LLC | PORTLAND | ME | $2,630,274 | 04/14/2020 | 11/09/2020 (amended 12/1/2020) | ||
| FRONTIER AIRLINES, INC. | DENVER | CO | $574,000,000 | 04/16/2020 | 09/28/2020 (amended 01/15/2021) | ||
| HAWAIIAN AIRLINES, INC. | HONOLULU | HI | $622,000,000 | 04/17/2020 | 09/25/2020 (amended 10/23/2020 and 01/15/2021) | ||
| ISLAND WINGS, INC. | FT. LAUDERDALE | FL | $294,350 | 04/30/2020 | 11/05/2020 | ||
| JETBLUE AIRWAYS CORPORATION | LONG ISLAND CITY | NY | $1,948,000,000 | 04/29/2020 | 09/29/2020 (amended 11/03/2020 and 01/15/2021) | ||
| LEGACY AIRWAYS, LLC | CONROE | TX | $1,817,306 | 06/23/2020 | 10/20/2020 | ||
| MESA AIRLINES, INC. | PHOENIX | AZ | $195,000,000 | 04/24/2020 | 10/30/2020 | ||
| OVATION TRAVEL GROUP INC. | NEW YORK | NY | $20,000,000 | 04/16/2020 | 10/15/2020 | ||
| REPUBLIC AIRWAYS, INC. | INDIANAPOLIS | IN | $58,000,000 | 04/20/2020 | 11/06/2020 | ||
| SKYWEST AIRLINES, INC. | ST. GEORGE | UT | $725,000,000 | 04/24/2020 | 09/29/2020 (amended 10/28/2020 and 01/15/2021) | ||
| SOUTHERN AIRWAYS EXPRESS, LLC | POMPANO BEACH | FL | $1,838,501 | 04/17/2020 | 10/28/2020 | ||
| SUN COUNTRY, INC. | MINNEAPOLIS | MN | $45,000,000 | 04/17/2020 | 10/26/2020 | ||
| THOMAS GLOBAL SYSTEMS LLC | IRVINE | CA | $1,400,000 | 04/16/2020 | 11/09/2020 | ||
| TIMCO ENGINE CENTER, INC. | OSCODA | MI | $8,390,240 | 04/17/2020 | 11/05/2020 | ||
| UNITED AIRLINES, INC. | CHICAGO | IL | $7,491,000,000 | 04/17/2020 | 09/28/2020 (amended 11/06/2020, 12/08/2020 and 01/15/2021) |
National Security Businesses 1
| Borrower | City 2 | State 2 | Total Anticipated Loan Amount | Date of Application | Date of Loan Agreement 3 | Transaction Information 4 | |
|---|---|---|---|---|---|---|---|
| CHANNEL LOGISTICS, LLC | CAMDEN | NJ | $2,500,000 | 05/01/2020 | 11/12/2020 | ||
| CORE AVIONICS & INDUSTRIAL, INC. | TAMPA | FL | $6,000,000 | 05/01/2020 | 11/05/2020 | ||
| MAP LARGE, INC. | ATLANTA | GA | $10,000,000 | 04/27/2020 | 11/02/2020 | ||
| MERIDIAN RAPID DEFENSE GROUP, LLC | PASADENA | CA | $7,100,000 | 05/06/2020 | 10/30/2020 | ||
| OVIO TECHNOLOGIES, INC. | NEWPORT BEACH | CA | $1,186,900 | 05/04/2020 | 11/02/2020 | ||
| SEMAHTRONIX, LLC | FLIPPIN | AR | $1,999,100 | 05/01/2020 | 11/13/2020 | ||
| SEMANTIC AI, INC. | SAN DIEGO | CA | $506,300 | 05/01/2020 | 11/13/2020 | ||
| SPINLAUNCH, INC. | LONG BEACH | CA | $2,519,200 | 05/01/2020 | 11/13/2020 | ||
| VISUAL SEMANTICS, INC. | AUSTIN | TX | $1,053,200 | 05/01/2020 | 10/30/2020 | ||
| WISER IMAGERY SERVICES, LLC | MURFREESBORO | TN | $3,069,700 | 05/12/2020 | 10/30/2020 | ||
| YELLOW CORPORATION (FORMERLY YRC WORLDWIDE INC.) | OVERLAND PARK | KS | $700,000,000 | 04/29/2020 | 07/08/2020 | Transaction Summary Transaction Documentation |
- Only certain categories of entities are eligible to receive loans under sections 4003(b)(1), (2), and (3) of the CARES Act. Under those provisions, a borrower must be a passenger air carrier; a business that is certified under 14 CFR part 145 and approved to perform inspection, repair, replace, or overhaul services; a ticket agent (as defined in 49 U.S.C. 40102); a cargo air carrier; or a business critical to maintaining national security. Additional information regarding eligibility is provided in the "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 Coronavirus Aid, Relief, and Economic Security Act" (March 30, 2020), available here
- The location provided is the address included by borrowers in their applications and may not include all locations in which a borrower operates.
- Date of Loan Agreement: The date of the loan agreement is also the date of approval of the borrower’s application. For borrowers whose loan agreements have been amended, the date listed is the date of execution of the initial loan agreement.
- The transaction documentation provides information including the interest rate, conditions, and other material and financial terms of the transactions.
CARES Act Section 4026(b) Reports
4026(b)(1)(B) Loan Report (07/15/2020)
4026(b)(1)(B) Loan Report (10/02/2020)
4026(b)(1)(B) Loan Report (10/23/2020)
4026(b)(1)(B) Loan Report (10/30/2020)
4026(b)(1)(B) Loan Report (11/04/2020)
4026(b)(1)(B) Loan Report (11/12/2020)
4026(b)(1)(B) Loan Report (11/19/2020)
4026(b)(1)(B) Loan Report (11/25/2020)
4026(b)(1)(B) Loan Report (12/08/2020)
4026(b)(1)(B) Loan Report (12/15/2020)
4026(b)(1)(B) Loan Report (12/29/2020)
4026(b)(1)(C) Loan Report (08/07/2020)
4026(b)(1)(C) Loan Report (09/06/2020)
4206(b)(1)(C) Loan Report (10/05/2020)
4026(b)(1)(C) Loan Report (11/05/2020)
4026(b)(1)(C) Loan Report (12/05/2020)
4026(b)(1)(C) Loan Report (01/04/2021)
4026(b)(1)(C) Loan Report (02/03/2021)
4026(b)(1)(C) Loan Report (03/01/2021)
4026(b)(1)(C) Loan Report (04/01/2021)
4026(b)(1)(C) Loan Report (05/01/2021)
4026(b)(1)(C) Loan Report (06/01/2021)
4026(b)(1)(C) Loan Report (07/01/2021)
4026(b)(1)(C) Loan Report (08/01/2021)
4026(b)(1)(C) Loan Report (09/01/2021)
4026(b)(1)(C) Loan Report (10/01/2021)