What GAO Found

Aviation businesses took a range of actions to respond to the dramatic reduction in passenger demand caused by the COVID-19 pandemic. Airlines, airports, and others leveraged federal assistance, such as payroll support and grant funding, provided in two 2020 federal relief laws. In 2020, for example, Treasury awarded $28.2 billion in payroll support assistance for aviation to help airlines and contractors keep employees on their payroll. Industry association and credit rating agency representatives said that federal assistance, in addition to providing direct support, also increased confidence in the aviation industry, which enabled aviation businesses to raise money in private debt and equity markets to strengthen their cash reserves. Some aviation businesses have also reduced labor costs through various means, including through early

Read More At Article Source | Article Attribution