In a letter Saturday, the executives wrote, “If worker payroll protection grants are enacted, equaling at least $29 billion, participating passenger and cargo air carriers will not furlough employees or conduct reductions in force through August 31, 2020.”
Additionally, the executives wrote, if loan guarantees equaling at least $29 billion are enacted, they will place limits on executive compensation and eliminate both stock buybacks and stock dividends for the life of the loans.”
The industry is seeking a bailout package of $58 billion in total. Saturday was the first time it offered no layoffs or furloughs until Sept. 1 in exchange.
However, the letter, written under the letterhead of Airlines for America, the industry lobbying group, warned, “Time is running out.