Mnuchin says U.S. Treasury cannot act on own to avert airline layoffs – Reuters Africa

WASHINGTON/CHICAGO (Reuters) – U.S. Treasury Secretary Steven Mnuchin told Congress on Thursday he cannot tap unused coronavirus lending authority to provide cash grants to help U.S. passenger airlines avoid thousands of layoffs.U.S. Treasury Secretary Steven Mnuchin testifies during a Senate’s Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to…

Mnuchin says U.S. Treasury cannot act on own to avert airline layoffs – Reuters Africa

WASHINGTON/CHICAGO (Reuters) – U.S. Treasury Secretary Steven Mnuchin told Congress on Thursday he cannot tap unused coronavirus lending authority to provide cash grants to help U.S. passenger airlines avoid thousands of layoffs.U.S. Treasury Secretary Steven Mnuchin testifies during a Senate’s Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Drew Angerer/Pool via REUTERSAirlines have been pushing Congress for months to back a new $25 billion bailout and extend payroll assistance to prevent passenger airline layoffs for another six months. The $25 billion payroll assistance in the “CARES” act approved in March required no layoffs by airlines through Sept. 30.“Is there anything that you have under existing authorities, e
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