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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

March 1, 2023

Program Description

Section 4003 of Division A 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 the coronavirus pandemic.

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 or loan 

guarantees. Among other requirements under the statute, borrowers were required 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: 
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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 and 14 loans that 

have been repaid in full.

(See next page)
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DETAILED FINANCIAL STATEMENT

Borrower 

Name 

Borrower 

Type1 City2 State2

Date of 

Loan 

Agreement

Maturity 

Date

Total 

Authorized 

Loan Amount

Disbursements3 Total Outstanding 

Loan Amount4

Total Repaid 

Loan Principal Cash Interest 

Receipts

Aero 

Hydraulics, 

Inc.

Repair 

Station 

Operator

Fayetteville GA 10/26/2020 10/24/2025 $450,000 $450,000 $537,801 $0 $11,860

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 $135,000,000 $2,538,900

Allflight 

Corporation6

Repair 

Station 

Operator

Kent WA 11/5/2020 11/5/2025 $4,721,260 $4,721,260 $4,325,016 $396,244 $725,466

American 

Airlines, Inc.7

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 $550,000,000 $10,257,500

American Jet 

International 

Corporation

Passenger 

Air Carrier Houston TX 11/5/2020 11/5/2025 $1,162,124 $1,162,124 $1,181,571 $0 $161,646

Aviation 

Management 

& Repairs, 

Inc.8

Repair 

Station 

Operator

Fort Pierce FL 11/5/2020 11/5/2025 $4,026,705 $4,026,705 $4,578,996 $100,000 $0

Bristin Travel, 

LLC9 

Ticket 

Agent Fayetteville AR 10/26/2020 10/24/2025 $549,651 $549,651 $372,992 $248,826 $21,087

Caribbean 

Sun Airlines, 

Inc.10

Passenger 

Air Carrier

Virginia 

Gardens FL

11/5/2020 

(amended 

12/7/2020)

11/5/2025 $6,768,749 $6,768,749 $7,857,356 $0 $0
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Borrower 

Name 

Borrower 

Type1 City2 State2

Date of 

Loan 

Agreement

Maturity 

Date

Total 

Authorized 

Loan Amount

Disbursements3 Total Outstanding 

Loan Amount4

Total Repaid 

Loan Principal Cash Interest 

Receipts

Channel 

Logistics, 

LLC

National 

Security Camden NJ 11/12/2020 11/12/2025 $2,500,000 $2,500,000 $2,755,410 $0 $142,372

Core Avionics 

& Industrial, 

Inc.11

National 

Security Tampa FL 11/5/2020 11/5/2025 $6,000,000 $6,000,000 $0 $6,489,033 $213,998

Eastern 

Airlines, LLC

Passenger 

Air Carrier Wayne PA 10/28/2020 10/28/2025 $15,000,000 $15,000,000 $17,542,206 $0 $0

Elite Airways, 

LLC12

Passenger 

Air Carrier Portland ME

11/9/2020 

(amended 

12/1/2020)

11/7/2025 $2,630,274 $2,630,274 $3,056,716 $0 $0

Frontier 

Airlines, Inc.

13

Passenger 

Air Carrier Denver CO

9/28/2020 

(amended 

1/15/2021)

9/26/2025 $574,000,000 $150,000,000 $0 $150,000,000 $5,548,667

Hawaiian 

Airlines, Inc.14

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 $45,000,000 $450,450

Island Wings, 

Inc.

Cargo Air 

Carrier 

Ft. 

Lauderdale FL 11/5/2020 11/5/2025 $294,350 $294,350 $342,838 $0 $0

JetBlue 

Airways 

Corporation15

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 $0 $115,000,000 $3,330,113

Legacy 

Airways, LLC

Cargo Air 

Carrier Conroe TX 10/20/2020 10/20/2025 $1,817,306 $1,817,306 $2,221,365 $0 $0
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Borrower 

Name 

Borrower 

Type1 City2 State2

Date of 

Loan 

Agreement

Maturity 

Date

Total 

Authorized 

Loan Amount

Disbursements3 Total Outstanding 

Loan Amount4

Total Repaid 

Loan Principal Cash Interest 

Receipts

Map Large, 

Inc.

National 

Security Atlanta GA 11/2/2020 10/31/2025 $10,000,000 $10,000,000 $12,186,022 $0 $0

Meridian 

Rapid 

Defense 

Group, LLC

National 

Security Pasadena CA 10/30/2020 10/30/2025 $7,100,000 $7,100,000 $8,562,990 $0 $79,019

Mesa 

Airlines, Inc.16

Passenger 

Air Carrier Phoenix AZ 10/30/2020 10/30/2025 $195,000,000 $195,000,000 $172,947,017 $32,000,000 $8,577,090

Ovation 

Travel Group, 

Inc.17

Ticket 

Agent New York NY 10/15/2020 10/15/2025 $20,000,000 $20,000,000 $0 $20,294,156 $181,881

oVio 

Technologies, 

Inc.

National 

Security 

Newport 

Beach CA 11/2/2020 10/31/2025 $1,186,900 $1,186,900 $1,446,359 $0 $0

Republic 

Airways, 

Inc.18

Passenger 

Air Carrier Indianapolis IN 11/6/2020 11/6/2025 $58,000,000 $58,000,000 $0 $58,000,000 $1,622,308

Semahtronix, 

LLC19

National 

Security Flippin AR 11/13/2020 11/13/2025 $1,999,100 $1,999,100 $0 $2,112,957 $777

Semantic AI, 

Inc. 

National 

Security San Diego CA 11/13/2020 11/13/2025 $506,300 $506,300 $590,355 $0 $0

SkyWest 

Airlines, Inc.20

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 $60,000,000 $1,196,767
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Borrower 

Name 

Borrower 

Type1 City2 State2

Date of 

Loan 

Agreement

Maturity 

Date

Total 

Authorized 

Loan Amount

Disbursements3 Total Outstanding 

Loan Amount4

Total Repaid 

Loan Principal Cash Interest 

Receipts

Southern 

Airways 

Express, 

LLC21

Passenger 

Air Carrier

Pompano 

Beach FL 10/28/2020 10/28/2025 $1,838,501 $1,838,501 $0 $1,838,501 $188,254

SpinLaunch, 

Inc. 

National 

Security Long Beach CA 11/13/2020 11/13/2025 $2,519,200 $2,519,200 $2,538,304 $0 $369,054

Sun Country, 

Inc.22 

Passenger 

Air Carrier Minneapolis MN 10/26/2020 10/24/2025 $45,000,000 $45,000,000 $0 $46,182,421 $77,125

Thomas 

Global 

Systems, 

LLC23

Repair 

Station 

Operator

Irvine CA 11/9/2020 11/7/2025 $1,400,000 $1,400,000 $0 $1,530,278 $22,745

Timco Engine 

Center, Inc. 24

Repair 

Station 

Operator

Oscoda MI 11/5/2020 11/5/2025 $8,390,240 $8,390,240 $9,762,386 $0 $0

United 

Airlines, Inc.25

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 $520,000,000 $9,517,733

Visual 

Semantics, 

Inc.

National 

Security Austin TX 10/30/2020 10/30/2025 $1,053,200 $1,053,200 $1,270,217 $0 $11,722

Wiser 

Imagery 

Services, LLC 

National 

Security Murfreesboro TN 10/30/2020 10/30/2025 $3,069,700 $3,069,700 $3,743,430 $0 $0

Yellow 

Corporation26

National 

Security 

Overland 

Park KS 7/7/2020 9/30/2024 $700,000,000 $700,000,000 $729,211,946 $230 $54,753,810
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Borrower 

Name 

Borrower 

Type1 City2 State2

Date of 

Loan 

Agreement

Maturity 

Date

Total 

Authorized 

Loan Amount

Disbursements3 Total Outstanding 

Loan Amount4

Total Repaid 

Loan Principal Cash Interest 

Receipts

TOTAL $21,890,983,560 $2,677,983,560 $987,031,293 $1,744,192,646 

 

$100,000,344

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 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 locations provided are the addresses 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. Allflight Corporation has made principal repayments in the amount of $99,782 on September 23, 2022; $97,933 on November 30, 2022; $100,000 on December 15, 2022; and $98,529 on 

January 31, 2023. 

7. 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.

8. Aviation Management & Repairs Inc. repaid $100,000 in principal on April 1, 2021.

9. Bristin Travel, LLC, repaid $248,826 in principal on December 30, 2022.

10. 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. 

11. Core Avionics & Industrial, Inc. repaid $800,000 in principal on June 8, 2021; Core Avionics & Industrial, Inc. paid in full all principal and interest on April 1, 2022. 

12. 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.

13. 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. Frontier Airlines, Inc. paid in full all principal and interest on February 2, 2022.

14. 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.

15. 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. JetBlue Airways Corporation paid in full all 

outstanding principal and interest on September 15, 2021.

16. 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. 

Mesa Airlines, Inc. entered into a technical Modification and Waiver Agreement on December 22, 2022, available onTreasury.gov. Mesa Airlines, Inc. repaid $32,000,000 in principal on 

January 24, 2023
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17. Ovation Travel Group, Inc. paid in full all outstanding principal and interest on January 21, 2021.

18. 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. Republic Airlines, Inc. paid in full all 

outstanding principal and interest on September 10, 2021.

19. Semahtronix LLC paid in full all outstanding principal and interest on September 17, 2021.

20. 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.

21. Southern Airways Express, LLC paid in full all outstanding principal and interest on April 29, 2021.

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

23. Thomas Global Systems, LLC paid in full all outstanding principal and interest on May 27, 2022.

24. Timco Engine Center, Inc. is in default under certain payment and other requirements under its loan agreement.

25. 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.

26. The loan to Yellow Corporation consists of two tranches in the original principal amounts of $300 million and $400 million, and current outstanding principal amounts of $316 million and 

$400 million, respectively. It was announced on February 4, 2021, that YRC Worldwide, Inc. had changed its name to Yellow Corporation. Yellow Corporation repaid $230 in principal on 

June 13, 2021.