Treasury Proposes $50 Billion Airline Loan in Stimulus Plan

(Bloomberg) — The Treasury Department will propose lending airlines $50 billion in its coronavirus stimulus plan, rejecting the industry’s request for nearly $30 billion in grants, according to a document obtained by Bloomberg News.

The agency will use its exchange stabilization fund to provide $50 billion for secured lending to U.S. passenger and cargo airlines, the document says.

Treasury also proposed to lawmakers that the stimulus provide $150 billion to “severely distressed sectors” of the economy from the virus outbreak.

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