Boeing is calling for the U.S. government to provide a minimum of $60 billion in “access to public and private liquidity, including loan guarantees” to help the aerospace manufacturing industry weather the economic impacts of the coronavirus (COVID-19) pandemic. Boeing’s production facilities remain open with “enhanced cleaning procedures” in place. The company also said it has drawn on its delayed draw term loan to “increase [its] liquidity and ease some of the significant near-term pressures” on its business.
“Funds would support the health of the broader aviation industry, because much of any liquidity support to Boeing will be used for payments to suppliers to maintain the health of the supply chain,” Boeing said in a statement. “The long term outlook for the industry is still strong, but until global passenger traffic resumes to normal levels, these measures are needed to manage the pressure on the aviation sector and the economy as a whole.”
As previously reported by AVweb, trade association Airlines For America called for a similar $50 billion financial support package for the airline industry on Monday. AOPA, EAA, HAI, NATA, GAMA and NBAA sent a joint letter to Congress on Tuesday asking that air charter and fractional operators be included in any potential airline relief packages.