U.S. Government officials are closing down on approval of a $62 billion rescue package to aid the aviation industry due to the steep fall in demand amid the coronavirus crisis that surged across the globe.
Due to the imposed travel restrictions raised to contain the spread of the coronavirus, the aviation sector is suffering from a steep fall in demand and caused airline stocks to tank. The approval of this rescue package will provide $25 billion in payroll grants, $4 billion in grants for cargo carriers, $3 billion for contractors and $29 billion in loans.
Airlines highly depend on the approval of this rescue package, as they continue to struggle to have to stretch out finances and possibly having to lay off thousands of employees in order to survive.
