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After a week of legislative acrimony, a deal consisting of $2 trillion in federal aid finally reached President Donald Trump’s desk, where it was signed into law last Friday.
While many small businesses and larger corporations are expected to jockey for more than $500 billion in loans, the airline industry was given what was originally thought of as a sweetheart deal, an earmarked $58 billion in grants and loans.
Airlines argued that the funds were vital, as they’ve seen an almost 90% drop in passenger traffic since the outbreak of the coronavirus, which is expected to cost the industry more than $252 billion, according to the International Air Transport Association.