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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

January 4, 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: 
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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 35 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 $455,751 $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 

Allflight 

Corporation

Repair Station 

Operator Kent WA 11/5/2020 11/5/2025 $4,721,260 $4,721,260 $4,721,260 $22,948 

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 

American Jet 

International 

Corporation

Passenger Air 

Carrier Houston TX 11/5/2020 11/5/2025 $1,162,124 $1,162,124 $1,162,124 $6,300 

Aviation 

Management & 

Repairs, Inc.

Repair Station 

Operator Fort Pierce FL 11/5/2020 11/5/2025 $4,026,705 $4,026,705 $4,048,535 $0 

Bristin Travel, 

LLC Ticket Agent Fayetteville AR 10/26/2020 10/24/2025 $549,651 $549,651 $554,773 $0 

Caribbean Sun 

Airlines, Inc.7

Passenger Air 

Carrier

Virginia 

Garden FL

11/5/2020

(amended 

12/7/2020)

11/5/2025 $6,768,749 $6,768,749 $6,778,872 $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

Channel 

Logistics, LLC National Security Camden NJ 11/12/2020 11/12/2025 $2,500,000 $2,500,000 $2,500,000 $15,400 

Core Avionics 

& Industrial, 

Inc.

National Security Tampa FL 11/5/2020 11/5/2025 $6,000,000 $6,000,000 $6,000,000 $58,133 

Eastern 

Airlines, LLC

Passenger Air 

Carrier Wayne PA 10/28/2020 10/28/2025 $15,000,000 $15,000,000 $15,134,400 $0 

Elite Airways, 

LLC8

Passenger Air 

Carrier Portland ME

11/9/2020

(amended 

12/1/2020)

11/7/2025 $2,630,274 $2,630,274 $2,637,158 $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.

9

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 

Island Wings, 

Inc. Cargo Air Carrier Ft. Lauderdale FL 11/5/2020 11/5/2025 $294,350 $294,350 $295,781 $0 

JetBlue 

Airways 

Corporation10

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 $1,841,844 $0 
5

Borrower 

Name Borrower Type1 City2 State2

Date of Loan 

Agreement

Maturity 

Date

Total Anticipated 

Loan Amount Disbursements3

Total 

Outstanding 

Loan Amount4

Cash Interest 

Receipts

Map Large, Inc. National Security Atlanta GA 11/2/2020 10/31/2025 $10,000,000 $10,000,000 $10,104,036 $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 $79,019 

Mesa Airlines, 

Inc.11

Passenger Air 

Carrier Phoenix AZ 10/30/2020 10/30/2025 $195,000,000 $195,000,000 $195,705,106 $0 

Ovation Travel 

Group, Inc. Ticket Agent New York NY 10/15/2020 10/15/2025 $20,000,000 $20,000,000 $20,294,156 $0 

oVio 

Technologies, 

Inc.

National Security Newport 

Beach CA 11/2/2020 10/31/2025 $1,186,900 $1,186,900 $1,199,248 $0 

Republic 

Airways, Inc.12

Passenger Air 

Carrier Indianapolis IN 11/6/2020 11/6/2025 $58,000,000 $58,000,000 $58,000,000 $30,047 

Semahtronix, 

LLC National Security Flippin AR 11/13/2020 11/13/2025 $1,999,100 $1,999,100 $2,009,175 $0 

Semantic AI, 

Inc. National Security San Diego CA 11/13/2020 11/13/2025 $506,300 $506,300 $509,324 $0 

SkyWest 

Airlines, Inc.13

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 
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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

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 $16,473 

SpinLaunch, 

Inc. National Security Long Beach CA 11/13/2020 11/13/2025 $2,519,200 $2,519,200 $2,519,200 $12,697 

Sun Country, 

Inc. 

Passenger Air 

Carrier Minneapolis MN 10/26/2020 10/24/2025 $45,000,000 $45,000,000 $45,419,375 $0 

Thomas Global 

Systems, LLC

Repair Station 

Operator Irvine CA 11/9/2020 11/7/2025 $1,400,000 $1,400,000 $1,407,590 $0 

Timco Engine 

Center, Inc.

Repair Station 

Operator Oscoda MI 11/5/2020 11/5/2025 $8,390,240 $8,390,240 $8,435,727 $0 

United Airlines, 

Inc.14

Passenger Air 

Carrier Chicago IL

9/28/2020

(amended 

11/6/2020 and 

12/8/2020)

9/26/2025 $7,491,000,000 $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 $11,722 

Wiser Imagery 

Services, LLC National Security Murfreesboro TN 10/30/2020 10/30/2025 $3,069,700 $3,069,700 $3,103,864 $0 

YRC 

Worldwide, Inc. National Security Overland Park KS 7/7/2020 9/30/2024 $700,000,000 $551,300,000 $553,594,683 $1,437,191 
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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, Inc. 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.

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. 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.

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

loan amount by $202 million.

10. 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.

11.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. Treasury’s remaining $5 million commitment terminated on December 15, 2020.

12.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. 

Treasury’s remaining $19 million commitment terminated on December 15, 2020. 

13.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.

14.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, and an additional amendment on December 8, 2020, reducing the maximum loan amount by $9 million.