US Treasury finalizes agreements with major airlines

In recent news, it is being reported that today, the US Department of the Treasury concluded Payroll Support Program agreements with Allegiant Air, American Airlines, Delta Air Lines, Southwest Airlines, Spirit Airlines, and United Airlines.

Alaska Airlines, Frontier Airlines, Hawaiian Airlines, JetBlue Airways, and SkyWest Airlines have also indicated that they plan to participate in the Payroll Support Program. Together, these airlines represent nearly 95 percent of US airline capacity. The agreements will support airline workers and help safeguard the strategically important aviation industry while ensuring that taxpayers are appropriately compensated.

The news comes as the price of oil drops into negative territory pertaining to the supply glut and the COVID-19 economic downturn which has destroyed the world's travel service industry, forcing Virgin Australia in voluntary administion, more on that here: ASX 200 Index: Bears taking on a key support level as energy sector slides