On Wednesday evening, March 25, the US Senate unanimously approved a $2 trillion emergency relief bill providing stimulus funds to a US economy reeling from the effects of the global COVID-19 pandemic. On Friday, March 27, the House is expected to pass the bill, which includes specific measures aimed at general aviation businesses.
The bill provides a massive influx of money into the US economy and provides support to targeted industries in the form of loans, grants, tax relief, and funding for infrastructure. HAI is pleased that the vertical lift industry is included in those measures structured to aid the aviation industry and small businesses.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides $377 billion in emergency aid to small businesses. It offers zero-interest loans to firms with fewer than 500 employees, loans that could be forgiven if firms follow certain conditions. Part 135 operators and Part 145 maintenance facilities are eligible for $25 billion in direct loans and loan guarantees, with an additional $25 billion in grants for employee wages, salaries, and benefits.
The legislation provides Part 135 operators relief from the 7.5% air transportation federal excise tax and suspends the commercial fuel tax until Jan. 1, 2021. The bill also provides airports with $10 billion through Airport Improvement Program funding, and $100 million is allocated to general aviation airports.
“HAI strongly advocated for the vertical lift industry and its needs to Congress, and we appreciate that this bill includes measures specifically aimed at general aviation,” says James A. Viola, HAI president and CEO. “The loans, grants, and tax relief provisions of this bill can directly benefit many of HAI’s members, especially our numerous small businesses.”
A complete analysis of the bill will be available in the HAI members-only Legislative Action Center. HAI will also be following up with its membership as details become available of how to take advantage of the bill’s provisions.
- COVID19 – HAC cancels annual convention scheduled for November 2020
- European Rotors event will host an industry hackathon
- Indian Air Force upgrades Mi-17s with Night Vision Goggles
- Airbus helps Hungarian Air Ambulance become a digital organisation
- EASA publishes proposed eVTOL certification methods
- Triumph to supply mechanical controls for US TH-73 trainers
- Compass and ALG ship EC135 from UK to US for Air Methods
- COVID-19 – Airbus Helicopters offers solutions to air ambulance operators in the fight against COVID-19
- COVID-19 – How Airbus is helping frontline operators in the fight against COVID-19
- Helitrans accepts two Airbus H125s under e-delivery process
- Gama Aviation and Atkins retain UK military airworthiness contract
- NTSB calls for mandatory Flight Data Recorders in all turbine helicopters
- Era Group Announces Board Approval of Reverse Stock Split
- Bristow Group Announces Stock Repurchases
- Cornwall Air Ambulance suffers £1.5M income shortfall
- NBAA Requests Extension for GA Pilot Medicals
- Police Aviation News – June 2020 Edition
- First Ukraine Police Airbus H145 commences flight test phase
- Polish Police retire Kania helicopter to museum
- Bell Offers Comprehensive Program for new Commercial Aircraft Customers