Airlines and Treasury agree on bailout

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American and Southwest airlines finalized deals Tuesday with U.S. Treasury officials to take as much as $14 billion in federal grants and loans to cover payrolls and keep the carriers alive during unprecedented drops in air traffic from the COVID-19 pandemic. Fort Worth-based American will receive $5.8 billion, including $4.1 billion in direct grants and a $1.7 billion low-interest loan backed by warrants that can be converted into the company’s shares. It also plans to apply for a $4.75 billion loan available to airlines. Dallas-based Southwest Airlines said it’ll get $2.3 billion in grants and a $1 billion low-interest loan backed by warrants. Southwest has not indicated if it’ll seek other government loans.

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Don’t want to give the time clicks, but I thought it was loans, not a bailout

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