Loans to Air Carriers, Eligible Businesses, and National Security Businesses

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

Transaction Summary

Transaction Documentation

  ALASKA AIRLINES, INC. SEATTLE WA $1,928,000,000 04/17/2020 09/28/2020 (amended 10/30/2020 and 01/15/2021)

Transaction Summary

Transaction Documentation

  ALLFLIGHT CORPORATION KENT WA $4,721,260 04/17/2020 11/05/2020

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

  AMERICAN JET INTERNATIONAL CORP HOUSTON TX $1,162,124 04/09/2020 11/05/2020

Transaction Summary

Transaction Documentation 

  AVIATION MANAGEMENT & REPAIRS, INC. FORT PIERCE FL $4,026,705 04/29/2020 11/05/2020

Transaction Summary

Transaction Documentation 

  BRISTIN TRAVEL, LLC FAYETTEVILLE AR $549,651 04/11/2020 10/26/2020

Transaction Summary

Transaction Documentation

  CARIBBEAN SUN AIRLINES, INC. VIRGINIA GARDENS FL $6,768,749 04/17/2020 11/05/2020 (amended 12/7/2020)

Transaction Summary

Transaction Documentation 

  EASTERN AIRLINES LLC WAYNE PA $15,000,000 04/18/2020 10/28/2020

Transaction Summary

Transaction Documentation

  ELITE AIRWAYS, LLC PORTLAND ME $2,630,274 04/14/2020 11/09/2020 (amended 12/1/2020)

Transaction Summary

Transaction Documentation

  FRONTIER AIRLINES, INC.  DENVER CO $574,000,000 04/16/2020 09/28/2020 (amended 01/15/2021)

Transaction Summary

Transaction Documentation

  HAWAIIAN AIRLINES, INC. HONOLULU HI $622,000,000 04/17/2020 09/25/2020 (amended 10/23/2020 and 01/15/2021)

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

  LEGACY AIRWAYS, LLC CONROE TX $1,817,306 06/23/2020 10/20/2020

Transaction Summary

Transaction Documentation

  MESA AIRLINES, INC. PHOENIX AZ $195,000,000 04/24/2020 10/30/2020

Transaction Summary

Transaction Documentation

  OVATION TRAVEL GROUP INC. NEW YORK NY $20,000,000 04/16/2020 10/15/2020

Transaction Summary

Transaction Documentation

  REPUBLIC AIRWAYS, INC. INDIANAPOLIS IN $58,000,000 04/20/2020 11/06/2020

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

  SOUTHERN AIRWAYS EXPRESS, LLC POMPANO BEACH FL $1,838,501 04/17/2020 10/28/2020

Transaction Summary

Transaction Documentation

  SUN COUNTRY, INC. MINNEAPOLIS MN $45,000,000 04/17/2020 10/26/2020

Transaction Summary

Transaction Documentation

  THOMAS GLOBAL SYSTEMS LLC IRVINE CA $1,400,000 04/16/2020 11/09/2020

Transaction Summary

Transaction Documentation

  TIMCO ENGINE CENTER, INC. OSCODA MI $8,390,240 04/17/2020 11/05/2020

Transaction Summary

Transaction Documentation 

  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)

Transaction Summary

Transaction Documentation

 

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

Transaction Summary

Transaction Documentation

  CORE AVIONICS & INDUSTRIAL, INC. TAMPA FL $6,000,000 05/01/2020 11/05/2020

Transaction Summary

Transaction Documentation 

  MAP LARGE, INC. ATLANTA GA $10,000,000 04/27/2020 11/02/2020

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

  SEMAHTRONIX, LLC FLIPPIN AR $1,999,100 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

  SPINLAUNCH, INC. LONG BEACH CA $2,519,200 05/01/2020 11/13/2020

Transaction Summary

Transaction Documentation

  VISUAL SEMANTICS, INC. AUSTIN TX $1,053,200 05/01/2020 10/30/2020

Transaction Summary

Transaction Documentation

  WISER IMAGERY SERVICES, LLC MURFREESBORO TN $3,069,700 05/12/2020 10/30/2020

Transaction Summary

Transaction Documentation

  YRC WORLDWIDE INC. OVERLAND PARK KS $700,000,000 04/29/2020 07/08/2020 Transaction Summary
Transaction Documentation

 

  1. 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
  2. The location provided is the address included by borrowers in their applications and may not include all locations in which a borrower operates.
  3. 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.
  4. 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 (06/12/2021)