Is your industry on this bailout list? Should it be?
Entire industries are hurting and hoping for help from the U.S. government, as Americans cancel travel plans and avoid stores and restaurants because of the coronavirus causing the COVID-19 pandemic.
• Airlines:U.S. carriers may get a $50 billion bailout, which would be about $10 billion below the industry’s request, said Henrietta Treyz, director of economic policy at Veda Partners, in a note. The airline industry JETS, -1.48% had requested $25 billion in immediate grant assistance for carriers, $4 billion for cargo carriers, and $29 billion in zero-interest loans and guarantees, she said.
• Hotels, restaurants: Mnuchin on Tuesday said hotels were among the industries due to get loan guarantees in the Trump administration’s proposed package. Regarding support for restaurants, the Treasury secretary said many of them are small businesses and the administration had a specific aid program in the works for such businesses.
“A temporary waiver can allow American producers to move domestic products with greater ease within the U.S.,” said Anne Bradbury, CEO of the American Exploration & Production Council, in a letter last week to lawmakers. She also said the industry “is not seeking a bailout from the federal government,” but rather “a restoration of a functioning, stable, global market for oil, which removes artificial manipulation of the global marketplace.
“We can think of no other policy tool at the administration’s disposal that would have such a fast and beneficial impact as the immediate and retroactive removal of these tariffs,” said the letter sent Friday by the National Retail Federation and other trade groups, according to a New York Times report. “Such a move would instantly put billions of dollars back into the U.S. economy.”
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