1 

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

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

August 1, 2021 

Program Description 

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

authorized 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 provided: 

(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 was authorized to be made in such form and 

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

and requirements as the Treasury Secretary determined appropriate. However, the 

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

requirements under the statute, borrowers were required to 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 were also required to 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 required that Treasury receive a warrant or equity instrument 

in the borrower if the borrower was a public company (unless Treasury determined that 

the issuance of warrants or equity was infeasible, in which case the company was 

required to provide a senior debt instrument), or a warrant, equity instrument, or senior 

debt instrument if the borrower was 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: 
2 

(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 28 outstanding loans and seven loans that 

have been repaid in full. 

(See next page) 
DETAILED FINANCIAL STATEMENT 

Borrower Name Borrower Type1 City2 State2 Date of Loan Agreement Maturity Date Total Authorized Loan Amount Disbursements3 Total Outstandin

Loan Amou

Aero Hydraulics, 

Inc. 

Repair 

Station 

Operator 

Fayetteville GA 10/26/2020 10/24/2025 $450,000 $450,000 $476,016 

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 

Allflight 

Corporation 

Repair 

Station 

Operator 

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

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 

American Jet 

International 

Corporation 

Passenger 

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

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 

Bristin Travel, 

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

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 

Channel 

Logistics, LLC 

National 

Security Camden NJ 11/12/2020 11/12/2025 $2,500,000 $2,500,000 $2,500,000 

Core Avionics & 

Industrial, Inc.8

National 

Security Tampa FL 11/5/2020 11/5/2025 $6,000,000 $6,000,000 $5,331,743 
Borrower Name Borrower Type1 City2 State2 Date of Loan Agreement Maturity Date Total Authorized Loan Amount Disbursements3 Total Outstandin

Loan Amou

Eastern Airlines, 

LLC 

Passenger 

Air Carrier Wayne PA 10/28/2020 10/28/2025 $15,000,000 $15,000,000 $15,651,35

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 

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 $150,000,00

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 

Island Wings, 

Inc. 

Cargo Air 

Carrier 

Ft. 

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

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 $115,000,00

Legacy Airways, 

LLC 

Cargo Air 

Carrier Conroe TX 10/20/2020 10/20/2025 $1,817,306 $1,817,306 $1,923,743 

Map Large, Inc. National Security Atlanta GA 11/2/2020 10/31/2025 $10,000,000 $10,000,000 $10,553,32

Meridian Rapid 

Defense Group, 

LLC 

National 

Security Pasadena CA 10/30/2020 10/30/2025 $7,100,000 $7,100,000 $7,415,707 
Borrower Name Borrower Type1 City2 State2 Date of Loan Agreement Maturity Date Total Authorized Loan Amount Disbursements3 Total Outstandin

Loan Amou

Mesa Airlines, 

Inc.13

Passenger 

Air Carrier Phoenix AZ 10/30/2020 10/30/2025 $195,000,000 $195,000,000 $199,382,77

Ovation Travel 

Group, Inc.14 Ticket Agent New York NY 10/15/2020 10/15/2025 $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 $1,252,574 

Republic 

Airways, Inc.15

Passenger 

Air Carrier Indianapolis IN 11/6/2020 11/6/2025 $58,000,000 $58,000,000 $58,000,00

Semahtronix, 

LLC 

National 

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

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

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 

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 

SpinLaunch, Inc National Security Long Beach CA 11/13/2020 11/13/2025 $2,519,200 $2,519,200 $2,519,200 
Borrower Name Borrower Type1 City2 State2 Date of Loan Agreement Maturity Date Total Authorized Loan Amount Disbursements3 Total Outstandin

Loan Amou

Sun Country, 

Inc.17

Passenger 

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

Thomas Global 

Systems, LLC 

Repair 

Station 

Operator 

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

Timco Engine 

Center, Inc. 

Repair 

Station 

Operator 

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

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 

Visual 

Semantics, Inc. 

National 

Security Austin TX 10/30/2020 10/30/2025 $1,053,200 $1,053,200 $1,100,031 

Wiser Imagery 

Services, LLC 

National 

Security Murfreesboro TN 10/30/2020 10/30/2025 $3,069,700 $3,069,700 $3,241,880 

Yellow 

Corporation19

National 

Security 

Overland 

Park KS 7/7/2020 9/30/2024 $700,000,000 $700,000,000 $708,815,97

TOTAL $21,890,983,560 $2,677,983,560 $1,318,363,5

Note: Data are as of the date of this report. 
Footnotes 1. Only certain categories of entities were eligible to receive loans under sections 4003(b)(1), (2), and (3) of the CARES Act. Under those provisions, a 

carrier; a business that is certified under 14 CFR part 145 and approved to perform inspection, repair, replace, or overhaul services; a ticket agent (aair carrier; or a business critical to maintaining national security. 

2. The locations provided are the addresses included by the borrowers in their applications and may not indicate all locations in which a borrower opera3. “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) interest5. 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 

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

billion, and an additional amendment on January 15, 2021, extending the termination date for Treasury’s commitment to May 28, 2021. American Aiprincipal 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, ex

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 t

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, extendi

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 

and an additional amendment on January 15, 2021, extending the termination date for Treasury’s commitment to May 28, 2021. Hawaiian Airlines, 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, inc

$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, a14. 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, 20

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 

million, and an additional amendment on January 15, 2021, extending the termination date for Treasury’s commitment to May 28, 2021. SkyWest Aiprincipal 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 t

billion, an amendment on December 8, 2020, reducing the maximum loan amount by $9 million, and an additional amendment on January 15, 2021Treasury’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. Yellow Corporation repaid $230 in pr