4003 Loan Program

Established by the CARES Act, the 4003 Loan Program authorized the Treasury Department to make loans, loan guarantees, and other investments to provide liquidity to eligible businesses related to losses incurred due to the coronavirus pandemic. Under this program, the Treasury Department provided approximately $2.7 billion in loans to 35 eligible businesses, including passenger air carriers, repair station operators, ticket agents, cargo air carriers, and businesses critical to maintaining national security.

The 4003 Loan Program provided an emergency credit line for large and small businesses unable to obtain credit elsewhere during the height of the pandemic, thereby reducing COVID-19-driven bankruptcies, protecting pensions, and, together with the Payroll Support Program, avoiding long-term reductions in aviation capacity.

To the extent practicable, the CARES Act required borrowers to agree to maintain their March 24, 2020, employment levels between that date and September 30, 2020. In accordance with the statute, borrowers also were required to agree to certain employee compensation restrictions; agree not to repurchase stock; and agree not to pay dividends or make other capital distributions until 12 months after the loan is fully repaid to the Treasury Department.

Further, the CARES Act required that the Treasury Department receive certain financial protections in making a loan, in the form of a warrant or equity interest if the borrower is a public company, or a warrant, equity interest, or senior debt instrument if the borrower is a private company. As of June 2024, of the 35 loans that the Treasury Department provided, 20 borrowers owe a combined $213 million. Fifteen borrowers have fully repaid their loans for a combined $2.5 billion in principal repayments. Borrowers have paid more than $182 million in cash interest payments.

DATA CURRENT AS OF 05/05/2025

air carriers, repair station operators, and ticket agents¹

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Borrower	City²	State²	Total Anticipated Loan Amount	Date of Application	Date of Loan Agreement³	Transaction Information⁴
LEGACY AIRWAYS, LLC	CONROE	TX	$1,817,306	06/23/2020	10/20/2020	Transaction Summary Transaction Documentation
AERO HYDRAULICS, INC.	FAYETTEVILLE	GA	$450,000	05/1/2020	10/26/2020	Transaction Summary Transaction Documentation
ISLAND WINGS, INC.	FT. LAUDERDALE	FL	$294,350	04/30/2020	11/05/2020	Transaction Summary Transaction Documentation
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)	Transaction Summary Transaction Documentation
AVIATION MANAGEMENT & REPAIRS, INC.	FORT PIERCE	FL	$4,026,705	04/29/2020	11/05/2020	Transaction Summary Transaction Documentation
SKYWEST AIRLINES, INC.	ST. GEORGE	UT	$725,000,000	04/24/2020	09/29/2020 (amended 10/28/2020 and 01/15/2021)	Transaction Summary Transaction Documentation
MESA AIRLINES, INC.	PHOENIX	AZ	$195,000,000	04/24/2020	10/30/2020	Transaction Summary Transaction Documentation
REPUBLIC AIRWAYS, INC.	INDIANAPOLIS	IN	$58,000,000	04/20/2020	11/06/2020	Transaction Summary Transaction Documentation
EASTERN AIRLINES LLC	WAYNE	PA	$15,000,000	04/18/2020	10/28/2020	Transaction Summary Transaction Documentation
AMERICAN AIRLINES, INC.	FORT WORTH	TX	$7,500,000,000	04/18/2020	09/25/2020 (amended 10/21/2020 and 01/15/2021)	Transaction Summary Transaction Documentation

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National Security Businesses¹

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Borrower	City²	State²	Total Anticipated Loan Amount	Date of Application	Date of Loan Agreement³	Transaction Information⁴
WISER IMAGERY SERVICES, LLC	MURFREESBORO	TN	$3,069,700	05/12/2020	10/30/2020	Transaction Summary Transaction Documentation
MERIDIAN RAPID DEFENSE GROUP, LLC	PASADENA	CA	$7,100,000	05/06/2020	10/30/2020	Transaction Summary Transaction Documentation
OVIO TECHNOLOGIES, INC.	NEWPORT BEACH	CA	$1,186,900	05/04/2020	11/02/2020	Transaction Summary Transaction Documentation
VISUAL SEMANTICS, INC.	AUSTIN	TX	$1,053,200	05/01/2020	10/30/2020	Transaction Summary Transaction Documentation
SPINLAUNCH, INC.	LONG BEACH	CA	$2,519,200	05/01/2020	11/13/2020	Transaction Summary Transaction Documentation
SEMANTIC AI, INC.	SAN DIEGO	CA	$506,300	05/01/2020	11/13/2020	Transaction Summary Transaction Documentation
SEMAHTRONIX, LLC	FLIPPIN	AR	$1,999,100	05/01/2020	11/13/2020	Transaction Summary Transaction Documentation
CORE AVIONICS & INDUSTRIAL, INC.	TAMPA	FL	$6,000,000	05/01/2020	11/05/2020	Transaction Summary Transaction Documentation
CHANNEL LOGISTICS, LLC	CAMDEN	NJ	$2,500,000	05/01/2020	11/12/2020	Transaction Summary Transaction Documentation
YELLOW CORPORATION (FORMERLY YRC WORLDWIDE INC.)	OVERLAND PARK	KS	$700,000,000	04/29/2020	07/08/2020	Transaction Summary Transaction Documentation

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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.