United Airlines has announced it expects to receive approximately USD 5 billion through the Payroll Support Program under the CARES Act, the company said.
Of the USD 5 billion total, the airline expects to receive, approximately USD 3.5 billion will be a direct grant and approximately USD 1.5 billion will be a low interest rate loan. These funds secured from the US Treasury Department will be used to pay for the salaries and benefits of tens of thousands of United Airlines employees.
In connection with the Payroll Support Program, the airline´s parent company also expects to issue warrants to purchase approximately 4.6 million shares of UAL common stock to the federal government.
Together, United and United Express operate approximately 4,900 flights a day to 362 airports across six continents. In 2019, United and United Express operated more than 1.7 million flights carrying more than 162 million customers.