Several U.S. House Democrats representing Washington State urged Boeing to accept government aid as the manufacturer shuts down plants because of coronavirus.
"Given the severe harm the nation's aerospace industry and hardworking women and men at the Boeing company are experiencing during this pandemic, we hope you will consider utilizing the economic assistance provided by the CARES Act to safeguard thousands of jobs at Boeing in Washington state and across the country," said a letter sent Monday to Boeing CEO Dave Calhoun from Rep.
Boeing has not yet decided whether it will apply for federal aid and is awaiting the guidance from the Treasury Department about conditions and requirements for the relief, according to a person familiar with the matter. The $2 trillion aid package Congress approved last month includes billions for ailing businesses, including
$17 billion in loans for "businesses critical to maintaining national security," of which Boeing is expected to qualify. Boeing last month said it was seeking $60 billion in aid for itself and its massive chain of suppliers. Calhoun, in an interview with Fox Business Network last month, said he opposes the idea of a government equity stake in exchange for federal aid. Treasury Department guidelines for the $17 billion in loans released last month allow the government to receive a warrant or stake in the borrower.
"All we want is to make sure the credit markets are open for business," he said. If the government requires an equity stake, "we just look at all the other options and we got plenty of them."
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