U.S. Department of the Treasury

Passenger air carriers receiving payroll support of more than $100 million, cargo air carriers receiving more than $50 million, and aviation contractors receiving more than $37.5 million were required to provide financial instruments to the Treasury Department in the form of promissory notes, warrants, preferred stock, or senior debt instruments, as appropriate compensation to the Federal government for the provision of financial assistance.

The largest PSP recipients issued warrants to the Treasury Department to purchase 58 million shares of common stock and continue to repay $15 billion in long-term debt issued as appropriate compensation for the provision of financial assistance.

As of February 2023, approximately 700 large and small businesses in every state have received assistance under one or more of the three PSP rounds. Recipients reported using the PSP assistance to fully or partially fund the salaries and benefits of more than 640,000 aviation employees during the COVID-19 pandemic, help maintain critical infrastructure capacity, and facilitate industry recovery. Additionally, recipients reported more than 360,000 aviation jobs being retained or created as a result of receiving PSP assistance. Employment levels in the aviation industry have now surpassed 2019 levels.

Payroll Support Program Payments (CSV)

DATA CURRENT AS OF 08/17/2023

Passenger Carriers

Cargo Carriers

Contractors

1. In certain cases where multiple affiliated entities were approved as eligible recipients, only one affiliate or a parent company is listed.
2. The location provided is the address included by participants in their applications and may not include all locations in which a recipient operates.
3. Agreement Date is the date the PSP Agreement was fully executed.
4. The total payroll support of certain contractors was increased in February and March 2021 in connection with a distribution of remaining available funds in accordance with section 4113 of the CARES Act.
5. The note has a duration of 10 years. For passenger air carriers, when applicable, this is equal to 30 percent of the payroll support provided to the participant over $100 million. For cargo air carriers, when applicable, this is equal to 56 percent of the payroll support provided to the participant over $50 million. For contractors, when applicable, this is equal to 44 percent of the payroll support provided to the participant over $37.5 million. For passenger air carriers, cargo air carriers, and contractors, the cash interest rate on the note is 1 percent per year in the first five years, and converts to the Secured Overnight Financing Rate plus 2 percent per year in the last five years. Cash interest on the notes is payable semiannually on March 31 and September 30 of each year beginning on September 30, 2020. For contractors and cargo air carriers who have not issued equity securities that are traded on a national securities exchange, the note also includes a payment-in-kind interest rate of 3 percent per year in the first five years, with an increase of 1 percentage point per year in years six through ten.
6. Total Number of Warrants: The warrants provide Treasury with the right to purchase shares of common stock or receive a cash payment. The number of warrants required is equal to 10 percent of the principal amount of the note issued by the participant, divided by an exercise price. The exercise price for passenger air carriers is generally equal to the value of the shares as of market close on April 9, 2020. The exercise price for cargo air carriers is equal to the market value of the shares as of market close on May 1, 2020. The warrants are exercisable for a five-year term.
7. Warrant Exercise Price: The strike price of the warrants.
8. Alaska Airlines, Inc., issued a note and warrants related to payroll support provided to both Alaska Airlines, Inc., and McGee Air Services, Inc.   McGee Air Services, Inc., is an eligible contractor and a wholly owned subsidiary of Alaska Airlines, Inc.
9. Lufthansa Technik North America Holding Corp., the parent company of eligible contractors Lufthansa Technik Component Services LLC and Bizjet International Sales and Support, has issued a note related to payroll support provided to each of these subsidiaries.
10. Menzies Aviation, Inc., issued one note related to payroll support provided to eligible contractors Aeroground, Inc. and Aircraft Services International, Inc.
11. Hallmark Aviation Services, L.P., a subsidiary of Swissport USA, Inc., issued a note related to payroll support provided to Swissport USA, Inc. and Hallmark Aviation Services, L.P.
12. ST Engineering Aerospace America, Inc., the parent company of eligible contractor MRA Systems, LLC, issued a note related to payroll support provided to MRA Systems, LLC.
13. Airpac Airlines Inc. repaid its payroll support amount in full on March 5, 2021.

NOTE: Additional payroll support terms and conditions may be found in the Payroll Support Program Agreement.  Additional award and recipient data are available at USASpending.gov under Catalog of Federal Domestic Assistance (CFDA) number 21.018.