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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

July 1, 2021

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: 

(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 
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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 28 outstanding loans and seven loans that 

have been repaid in full. The extended period for certain air carrier borrowers to request 

additional disbursements expired on May 28, 2021. 

(See next page)
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DETAILED FINANCIAL STATEMENT

Borrower Name Borrower Type1 City2 State2 Date of Loan 

Agreement Maturity Date Total LoanAmount 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 $476,016 $0

Alaska Airlines, Inc.5 Passenger Air 

Carrier Seattle WA

9/28/2020

(amended 

10/3/2020 and 

1/15/2021)

9/26/2025 $1,928,000,000 $135,000,000 $0 $2,538,900

Allflight Corporation Repair Station 

Operator Kent WA 11/5/2020 11/5/2025 $4,721,260 $4,721,260 $4,721,260 $182,862

American Airlines, 

Inc.6

Passenger Air 

Carrier Fort Worth TX

9/25/2020

(amended 

10/21/2020 and 

1/15/2021)

6/30/2025 $7,500,000,000 $550,000,000 $0 $10,257,500

American Jet 

International 

Corporation

Passenger Air 

Carrier Houston TX 11/5/2020 11/5/2025 $1,162,124 $1,162,124 $1,162,124 $45,667

Aviation 

Management & 

Repairs, Inc.

Repair Station 

Operator Fort Pierce FL 11/5/2020 11/5/2025 $4,026,705 $4,026,705 $4,085,433 $0

Bristin Travel, LLC Ticket Agent Fayetteville AR 10/26/2020 10/24/2025 $549,651 $549,651 $564,244 $9,320

Caribbean Sun 

Airlines, Inc.7

Passenger Air 

Carrier

Virginia 

Gardens FL

11/5/2020 

(amended 

12/7/2020)

11/5/2025 $6,768,749 $6,768,749 $7,010,424 $0

Channel Logistics, 

LLC National Security Camden NJ 11/12/2020 11/12/2025 $2,500,000 $2,500,000 $2,500,000 $100,078
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Borrower Name Borrower Type1 City2 State2 Date of Loan 

Agreement Maturity Date Total LoanAmount Disbursements3

Total 

Outstanding 

Loan Amount4

Cash Interest 

Receipts

Core Avionics & 

Industrial, Inc.8 National Security Tampa FL 11/5/2020 11/5/2025 $6,000,000 $6,000,000 $5,331,743 $188,933

Eastern Airlines, 

LLC

Passenger Air 

Carrier Wayne PA 10/28/2020 10/28/2025 $15,000,000 $15,000,000 $15,651,359 $0

Elite Airways, LLC9 Passenger Air 

Carrier Portland ME

11/9/2020 

(amended 

12/1/2020)

11/7/2025 $2,630,274 $2,630,274 $2,727,238 $0

Frontier Airlines, 

Inc.

10

Passenger Air 

Carrier Denver CO

9/28/2020 

(amended 

1/15/2021)

9/26/2025 $574,000,000 $150,000,000 $150,000,000 $0

Hawaiian Airlines, 

Inc.11

Passenger Air 

Carrier Honolulu HI

9/25/2020 

(amended 

10/23/2020 and 

1/15/2021)

6/28/2024 $622,000,000 $45,000,000 $0 $450,450

Island Wings, Inc. Cargo Air Carrier Ft. 

Lauderdale FL 11/5/2020 11/5/2025 $294,350 $294,350 $305,884 $0

JetBlue Airways 

Corporation12

Passenger Air 

Carrier

Long Island 

City NY

9/29/2020

(amended 

11/3/2020 and 

1/15/2021)

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 $1,923,743 $0

Map Large, Inc. National Security Atlanta GA 11/2/2020 10/31/2025 $10,000,000 $10,000,000 $10,553,320 $0
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Borrower Name Borrower Type1 City2 State2 Date of Loan 

Agreement Maturity Date Total LoanAmount Disbursements3

Total 

Outstanding 

Loan Amount4

Cash Interest 

Receipts

Meridian Rapid 

Defense Group, LLC National Security Pasadena CA 10/30/2020 10/30/2025 $7,100,000 $7,100,000 $7,415,707 $79,019

Mesa Airlines, Inc.13 Passenger Air 

Carrier Phoenix AZ 10/30/2020 10/30/2025 $195,000,000 $195,000,000 $199,382,778 $0

Ovation Travel 

Group, Inc.14 Ticket Agent New York NY 10/15/2020 10/15/2025 $20,000,000 $20,000,000 $0 $181,881

oVio Technologies, 

Inc. National Security Newport Beach CA 11/2/2020 10/31/2025 $1,186,900 $1,186,900 $1,252,574 $0

Republic Airways, 

Inc.15

Passenger Air 

Carrier Indianapolis IN 11/6/2020 11/6/2025 $58,000,000 $58,000,000 $58,000,000 $1,114,905

Semahtronix, LLC National Security Flippin AR 11/13/2020 11/13/2025 $1,999,100 $1,999,100 $2,077,805 $0

Semantic AI, Inc National Security San Diego CA 11/13/2020 11/13/2025 $506,300 $506,300 $526,722 $0

SkyWest Airlines, 

Inc.16

Passenger Air 

Carrier St George UT

9/29/2020

(amended 

10/28/2020 and 

1/15/2021)

9/29/2025 $725,000,000 $60,000,000 $0 $1,196,767

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 $78,745
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Borrower Name Borrower Type1 City2 State2 Date of Loan 

Agreement Maturity Date Total LoanAmount Disbursements3

Total 

Outstanding 

Loan Amount4

Cash Interest 

Receipts

SpinLaunch, Inc National Security Long Beach CA 11/13/2020 11/13/2025 $2,519,200 $2,519,200 $2,519,200 $98,025

Sun Country, Inc.17 Passenger Air 

Carrier Minneapolis MN 10/26/2020 10/24/2025 $45,000,000 $45,000,000 $0 $77,125

Thomas Global 

Systems, LLC

Repair Station 

Operator Irvine CA 11/9/2020 11/7/2025 $1,400,000 $1,400,000 $1,455,670 $0

Timco Engine 

Center, Inc.

Repair Station 

Operator Oscoda MI 11/5/2020 11/5/2025 $8,390,240 $8,390,240 $8,723,874 $0

United Airlines, 

Inc.18

Passenger Air 

Carrier Chicago IL

9/28/2020 

(amended 

11/6/2020, 

12/8/2020, and 

1/15/2021)

9/26/2025 $7,491,000,000 $520,000,000 $0 $9,517,733

Visual Semantics, 

Inc. National Security Austin TX 10/30/2020 10/30/2025 $1,053,200 $1,053,200 $1,100,031 $11,722

Wiser Imagery 

Services, LLC National Security Murfreesboro TN 10/30/2020 10/30/2025 $3,069,700 $3,069,700 $3,241,880 $0

Yellow Corporation19 National Security Overland 

Park KS 7/7/2020 9/30/2024 $700,000,000 $681,100,000 $687,782,537 $8,008,368

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

Footnotes
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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, an amendment on October 30, 2020, increasing the maximum loan amount by $627 

million, and an additional amendment on January 15, 2021, extending the termination date for Treasury’s commitment to May 28, 2021. Alaska Airlines, Inc. paid in full all outstanding 

principal and interest on June 3, 2021.

6. American Airlines, Inc. entered into a loan agreement for up to $5.477 billion on September 25, 2020, an amendment on October 21, 2020, increasing the maximum loan amount by $2.023 

billion, and an additional amendment on January 15, 2021, extending the termination date for Treasury’s commitment to May 28, 2021. American Airlines, Inc. paid in full all outstanding 

principal and interest on March 24, 2021.

7. Caribbean Sun Airlines, Inc. entered into a loan agreement for up to $15 million on November 5, 2020, and an amendment on December 7, 2020, extending the termination date for 

Treasury’s commitment to December 7, 2020, and decreasing the maximum loan amount by $8,231,251.

8. Core Avionics & Industrial, Inc. repaid $800,000 in principal on June 8, 2021.

9. Elite Airways, LLC entered into a loan agreement for up to $2,630,274 on November 9, 2020, and an amendment on December 1, 2020, extending the termination date for Treasury’s 

commitment to December 1, 2020.

10. Frontier Airlines, Inc. entered into a loan agreement for up to $574 million on September 28, 2020 and an amendment on January 15, 2021, extending the termination date for Treasury’s 

commitment to May 28, 2021.

11. Hawaiian Airlines entered into a loan agreement for up to $420 million on September 25, 2020, an amendment on October 23, 2020, increasing the maximum loan amount by $202 million, 

and an additional amendment on January 15, 2021, extending the termination date for Treasury’s commitment to May 28, 2021. Hawaiian Airlines, Inc. paid in full all principal and interest 

on February 4, 2021.

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

$808 million, and an additional amendment on January 15, 2021, extending the termination date for Treasury’s commitment to May 28, 2021.

13. Mesa Airlines, Inc. entered into a loan agreement for up to $200 million on October 30, 2020, and elected to draw $43 million on October 30, 2020, and $152 million on November 13, 2020. 

14. Ovation Travel Group, Inc. paid in full all outstanding principal and interest on January 21, 2021.

15. Republic Airlines, Inc. entered into a loan agreement for up to $77 million on November 6, 2020, and elected to draw $58 million on December 7, 2020. 

16. SkyWest Airlines, Inc. entered into a loan agreement for up to $573 million on September 29, 2020, an amendment on October 28, 2020, increasing the maximum loan amount by $152 

million, and an additional amendment on January 15, 2021, extending the termination date for Treasury’s commitment to May 28, 2021. SkyWest Airlines, Inc. paid in full all outstanding 

principal and interest on May 10, 2021.

17. Sun Country, Inc. paid in full all outstanding principal and interest on March 24, 2021.

18. United Airlines, Inc. entered into a loan agreement for up to $5.17 billion on September 28, 2020, an amendment on November 6, 2020, increasing the maximum loan amount by $2.33 

billion, an amendment on December 8, 2020, reducing the maximum loan amount by $9 million, and an additional amendment on January 15, 2021, extending the termination date for 

Treasury’s commitment to May 28, 2021. United Airlines paid in full all outstanding principal and interest on April 20, 2021.

19. It was announced on February 4, 2021 that YRC Worldwide, Inc. had changed its name to Yellow Corporation.