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Report Under Section 4026(b)(1)(C) of the CARES Act on 

Loans to Air Carriers, Eligible Businesses, and National Security Businesses

November 5, 2020

Program Description

Section 4003 of the Coronavirus Aid, Relief and Economic Security Act (CARES Act) 

authorizes the Treasury Department to make loans, loan guarantees, and other 

investments to provide liquidity to eligible businesses related to losses incurred as a result 

of coronavirus.

The CARES Act provides:

(1) up to $25 billion for loans and loan guarantees for passenger air carriers; eligible 

businesses that are certified under 14 CFR part 145 and approved to perform 

inspection, repair, replace, or overhaul services; and ticket agents (as defined in 

49 U.S.C. § 40102); 

(2) up to $4 billion for loans and loan guarantees for cargo air carriers; and

(3) up to $17 billion for loans and loan guarantees for businesses critical to 

maintaining national security.

A loan or loan guarantee under section 4003 may be made in such form and on such 

terms and conditions and contain such covenants, representations, warranties, and 

requirements as the Treasury Secretary determines appropriate. However, the CARES 

Act specifies a number of requirements applicable to these loans. Among other 

requirements under the statute, borrowers must agree to maintain employment levels as 

of March 24, 2020 to the extent practicable, and in any case not reduce their employment 

levels by more than 10 percent from the levels on such date, until September 30, 2020. 

Borrowers must also agree to certain restrictions on employee compensation; agree not 

to repurchase stock, except to the extent required under a contractual obligation in effect 

as of March 27, 2020; and agree not to pay dividends or make other capital distributions 

with respect to the borrower’s common stock until 12 months after the loan has been 

repaid. 

In addition, the CARES Act requires that Treasury receive a warrant or equity instrument 

in the borrower if the borrower is a public company (unless Treasury determines that the 

issuance of warrants or equity is infeasible, in which case the company must provide a 

senior debt instrument), or a warrant, equity instrument, or senior debt instrument if the 

borrower is a private company, to compensate taxpayers.

Reporting Requirements

The CARES Act requires Treasury to make a number of disclosures regarding its loans 

and loan guarantees under section 4003 of the CARES Act: 
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(1) under section 4026(a) of the CARES Act, not later than 72 hours after any 

transaction under section 4003(b)(1), (2), or (3) of the CARES Act, Treasury must 

publish on its website a description of the transaction, certain transaction terms, 

and transaction documentation;

(2) under section 4026(b)(1)(A) of the CARES Act, not later than seven days after any 

loan or loan guarantee under section 4003(b)(1), (2), or (3), Treasury must submit 

to Congress a report summarizing the actions taken under those provisions and 

certain related financial information; 

(3) under section 4026(b)(1)(B) of the CARES Act, not later than seven days after 

delivering the report to Congress described above, Treasury must publish the 

report on its website; and 

(4) under section 4026(b)(1)(C) of the CARES Act, every 30 days while a loan or loan 

guarantee under section 4003(b)(1), (2), or (3) is outstanding, Treasury must 

publish on its website a report summarizing its reports to Congress described 

above. 

Treasury has published the information and reports described above on its website at

https://home.treasury.gov/policy-issues/cares/preserving-jobs-for-americanindustry/loans-to-air-carriers-eligible-businesses-and-national-security-businesses.

Current Report

This report summarizes information about transactions under sections 4003(b)(1), (2), 

and (3) of the CARES Act. This report reflects 21 outstanding loans.

(See next page)
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Detailed Financial Statement

Borrower Name

Borrower 

Type1 City2 State2

Date of Loan 

Agreement

Maturity 

Date

Total Anticipated Loan 

Amount Disbursements3

Total 

Outstanding 

Loan 

Amount4

Cash Interest 

Receipts

Aero Hydraulics, Inc

Repair 

Station 

Operator

Fayetteville GA 10/26/2020 10/24/2025 $450,000 $450,000 $450,000 $0

Alaska Airlines, Inc.5 Passenger 

Air Carrier Seattle WA

9/28/2020

(amended 

10/3/2020)

9/26/2025 $1,928,000,000 $135,000,000 $135,000,000 $0

American Airlines, 

Inc.6

Passenger 

Air Carrier Fort Worth TX

9/25/2020

(amended 

10/21/2020)

6/30/2025 $7,500,000,000 $550,000,000 $550,000,000 $0

Bristin Travel, LLC Ticket 

Agent Fayetteville AR 10/26/2020 10/24/2025 $549,651 $549,651 $549,651 $0

Eastern Airlines, LLC Passenger 

Air Carrier Wayne PA 10/28/2020 10/28/2025 $15,000,000 $15,000,000 $15,000,000 $0

Frontier Airlines, Inc. Passenger 

Air Carrier Denver CO 9/28/2020 9/26/2025 $574,000,000 $150,000,000 $150,000,000 $0

Hawaiian Airlines, 

Inc.7

Passenger 

Air Carrier Honolulu HI

9/25/2020

(amended 

10/23/2020)

6/28/2024 $622,000,000 $45,000,000 $45,000,000 $0

JetBlue Airways 

Corporation8

Passenger 

Air Carrier

Long Island 

City NY

9/29/2020

(amended 

11/3/2020)

9/29/2025 $1,948,000,000 $115,000,000 $115,000,000 $0

Legacy Airways, LLC Cargo Air 

Carrier Conroe TX 10/20/2020 10/20/2025 $1,817,306 $1,817,306 $1,817,306 $0

MapLarge, Inc. National 

Security Atlanta GA 11/2/2020 10/31/2025 $10,000,000 $10,000,000 $10,000,000 $0

Meridian Rapid 

Defense Group, LLC

National 

Security Pasadena CA 10/30/2020 10/30/2025 $7,100,000 $7,100,000 $7,100,000 $0

Mesa Airlines, Inc. Passenger 

Air Carrier Phoenix AZ 10/30/2020 10/30/2025 $200,000,000 $43,000,000 $43,000,000 $0
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Borrower Name

Borrower 

Type1 City2 State2

Date of Loan 

Agreement

Maturity 

Date

Total Anticipated Loan 

Amount Disbursements3

Total 

Outstanding 

Loan 

Amount4

Cash Interest 

Receipts

Ovation Travel Group, 

Inc.

Ticket 

Agent New York NY 10/15/2020 10/15/2025 $20,000,000 $20,000,000 $20,000,000 $0

oVio Technologies, 

Inc.

National 

Security Newport Beach CA 11/2/2020 10/31/2025 $1,186,900 $1,186,900 $1,186,900 $0

SkyWest Airlines, 

Inc.9

Passenger 

Air Carrier St. George UT

9/29/2020

(amended 

10/28/2020)

9/29/2025 $725,000,000 $60,000,000 $60,000,000 $0

Southern Airways 

Express, LLC

Passenger 

Air Carrier

Pompano 

Beach FL 10/28/2020 10/28/2025 $1,838,501 $1,838,501 $1,838,501 $0

Sun Country, Inc. Passenger 

Air Carrier Minneapolis MN 10/26/2020 10/24/2025 $45,000,000 $45,000,000 $45,000,000 $0

United Airlines, Inc. Passenger 

Air Carrier Chicago IL 9/28/2020 9/26/2025 $5,170,000,000 $520,000,000 $520,000,000 $0

Visual Semantics, Inc. National 

Security Austin TX 10/30/2020 10/30/2025 $1,053,200 $1,053,200 $1,053,200 $0

Wiser Imagery 

Services, LLC

National 

Security Murfreesboro TN 10/30/2020 10/30/2025 $3,069,700 $3,069,700 $3,069,700 $0

YRC Worldwide, Inc. National 

Security Overland Park KS 7/8/2020 9/30/2024 $700,000,000 $319,800,000 $322,094,682 $1,147,341

Note: Data are as of the date of this report.

1. Only certain categories of entities are eligible to receive loans under sections 4003(b)(1), (2), and (3) of the CARES Act. Under those provisions, a borrower must be a 

passenger air carrier; a business that is certified under 14 CFR part 145 and approved to perform inspection, repair, replace, or overhaul services; a ticket agent (as defined 

in 49 U.S.C. 40102); a cargo air carrier; or a business critical to maintaining national security.

2. The location provided is the address included by the borrowers in their applications and may not indicate all locations in which a borrower operates.

3. “Disbursements” includes all loan disbursements.

4. “Total Outstanding Loan Amount” includes all loan disbursements and increases of loan principal amount arising from payment-in-kind (PIK) interest, less any repayments of 

principal.

5. Alaska Airlines, Inc. entered into a loan agreement for up to $1.301 billion on September 28, 2020, and an amendment on October 30, 2020, increasing the maximum loan 

amount by $627 million.

6. American Airlines entered into a loan agreement for up to $5.477 billion on September 25, 2020, and an amendment on October 21, 2020, increasing the maximum loan 

amount by $2.023 billion.
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7. Hawaiian Airlines entered into a loan agreement for up to $420 million on September 28, 2020, and an amendment on October 23, 2020, increasing the maximum loan 

amount by $202 million.

8. JetBlue Airways Corporation entered into a loan agreement for up to $1.14 billion on September 29, 2020, and an amendment on November 3, 2020, increasing the 

maximum loan amount by $808 million.

9. SkyWest Airlines, Inc. entered into a loan agreement for up to $573 million on September 29, 2020, and an amendment on October 28, 2020, increasing the maximum loan 

amount by $152 million.