American Airlines (AAL) has announced that the U.S. Department of the Treasury has approved $5.8 billion in financial assistance from its Payroll Support Program (PSP).The funds, which are targeted to support team member salaries and benefits, will come in two forms: a direct grant of $4.1 billion, and a low-interest rate loan of $1.7 billion.What’s more, in addition to the $5.8 billion, American revealed that it is planning to separately apply for a loan from the U.S. Treasury of approximately $4.75 billion.Following the approval, American Airlines CEO Doug Parker stated “The Payroll Support Program recognizes the extraordinary dedication of our …read more
Source:: Yahoo Finance
