News & Analysis as of

U.S. Treasury Airlines

Pillsbury Winthrop Shaw Pittman LLP

President Biden and Senators Support the Ramp Up in IRS Audits on Corporate Aircraft

President Biden announced that he will focus on ending tax breaks for corporate aircraft and “cracking down on corporate jet loopholes.” Several aviation and labor organizations, including the National Business Aviation...more

WilmerHale

Weekly COVID-19 Oversight & Enforcement Report - December 2020

WilmerHale on

The Congressional Oversight Commission released its seventh report, which focuses on the Treasury and the Department of Defense’s $700 million loan to YRC Worldwide, Inc. The report is highly critical of the loan, noting that...more

Robins Kaplan LLP

Financial Daily Dose 10.2.2020 | Top Story: Covid-Infected POTUS Injects Volatility to Skittish Global Markets

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Markets globally and U.S. futures are down as investors digest the news out of D.C. overnight... Jobs Report Friday again. Here’s what we’re watching for in the numbers....more

Hogan Lovells

Coronavirus: The Hill and the Headlines – COVID-19 D.C. Update – September 2020 # 12

Hogan Lovells on

In Washington - House Democrats postponed a planned Tuesday to vote on a bill to keep the government funded through 11 Dec. as talks resume with Republicans and the Trump administration....more

Schwabe, Williamson & Wyatt PC

CARES Act Questions for the Transportation, Ports, and Maritime Industries - Update #5

Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”),...more

Robins Kaplan LLP

Financial Daily Dose 5.20.2020 | Top Story: Fed Chair and Treasury Secretary Urge Action to Support U.S. Economy

Robins Kaplan LLP on

In testimony to the Senate Banking Committee on Tuesday, Fed Chair Powell and Treasury Secretary Mnuchin both “offered a stark assessment of the fragile state” of the U.S. economy, though they differed in a solution. ...more

Katten Muchin Rosenman LLP

Passenger Airlines and US Treasury Department Reach Agreement on CARES Act Payroll Support Program

Key Points - The US Treasury Department and several US passenger airlines have agreed on basic terms of payroll support to be provided under the CARES Act. This advisory will - - Summarize the general terms for...more

Mintz - ML Strategies

What You Need to Know: State and Federal Updates Related to COVID-19

Mintz - ML Strategies on

...On Monday, House Speaker Nancy Pelosi, Majority Whip James Clyburn, Transportation & Infrastructure Committee Chairman Peter DeFazio, and Energy & Commerce Committee Chairman Frank Pallone held a press conference on a...more

Holland & Knight LLP

COVID-19 Upends the Air Transport Market: Overview of Aviation Provisions in the CARES Act and Other Federal Responses

Holland & Knight LLP on

The COVID-19 pandemic has had a vast and severe impact on the U.S. economy, and the U.S. air transportation industry has been brought almost to a standstill. While the executive branch moved quickly to address immediate...more

Foley & Lardner LLP

CARES Act – Aviation Industry Loan and Grants

Foley & Lardner LLP on

The new CARES Act provides Treasury with the authority to make loans, guarantees and other investments, and provide grants for payroll assistance to the aviation industry. On March 30, 2020, the Treasury released guidelines...more

Foley Hoag LLP

CARES Act Title IV Loans to Large and Midsize Businesses

Foley Hoag LLP on

In addition to the loans being made under the CARES Act to small businesses (typically with fewer than 500 employees), Title IV Subtitle A of the Act also provides nearly $500 billion in senior loans and guarantees to larger...more

K&L Gates LLP

COVID-19: UPDATED The Promise of the “CARES Act” on the Airline Industry

K&L Gates LLP on

The novel coronavirus (“COVID-19”) has devastated air travel demand, forcing thousands of cancellations. U.S. airlines have been slashing their schedules, waiving change/cancellation fees, and sanitizing aircrafts as...more

Katten Muchin Rosenman LLP

COVID-19 Update: US Treasury Department Proposes $50 Billion Airline Loan Program

The US Treasury Department has proposed a $50 billion secured loan facility to assist the US airline industry during the coronavirus disease 2019 (COVID-19) outbreak. Under the proposal, loan proceeds would be made available...more

Katten Muchin Rosenman LLP

COVID-19: US Airlines Seek $58 Billion in Government Aid Amidst Global Turmoil

The novel coronavirus (COVID-19) pandemic has wreaked havoc on the global aviation industry. Fueled by numerous travel bans and closed borders, international and domestic airlines have seen a drastic plunge in demand for air...more

Brownstein Hyatt Farber Schreck

Treasury Department Releases Key Terms for Phase Three Stimulus

The Treasury Department released a document outlining the key terms of its negotiations on the upcoming third phase of the congressional economic stimulus package. Below are the terms as outlined by the department...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Bank of England Publishes Statement on Enforcement Action Against Lloyds Bank PLC and Bank of Scotland PLC - On July 28, the Bank of England published a statement on Financial Conduct Authority enforcement action...more

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