Airlines want U.S. Treasury to scrap proposal to make some grant money repayable

Major U.S. airlines were urging Treasury officials and the federal government’s outside advisers on Saturday to scrap or revise a proposal that would make part of the $25 billion earmarked by Congress to help keep workers on the payroll repayable in the form of low-cost loans. Treasury Secretary Steven Mnuchin told the airlines on Friday the government would require them to repay 30% of the grants in low-cost loans over 10 years — with the first five years at 1% interest — before the interest rate would rise. The government is also seeking warrants equal to 10% of the loan amount.

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