§9074 Required assurances

Summary

To get government financial help, an air carrier or contractor must agree with the Secretary (or certify as the Secretary requires) to four things: not force furloughs or cut pay or benefits until September 30, 2020; through September 30, 2021, make sure neither it nor its affiliates buy stock listed on a national exchange; through September 30, 2021, not pay dividends or other capital distributions on common stock; and follow the rules in sections 9075 and 9076. The Secretary of Transportation can require carriers getting aid to keep scheduled service to any place they served before March 1, 2020. The Secretary must consider small and remote communities and medical supply chains. That power ends on March 1, 2022. If a contractor spends funds after December 27, 2020, the no-furlough, no-stock-purchase, and no-dividend rules keep applying until those dates or until the aid is fully spent, whichever is later. Contractors named in section 9071(3)(A)(i) must report by April 5, 2021 how much they spent through March 31, 2021. If they spent less than the full amount, the Secretary will seek recovery of unspent funds by April 30, 2021. If a contractor had unspent aid on December 27, 2020 and had involuntary furloughs or pay cuts from March 27, 2020 until it agreed to the aid, it must recall those workers by January 4, 2021. The Treasury Secretary can waive that recall if the contractor certifies it lacks funds to keep recalled workers for more than two weeks, and the Treasury Inspector General will audit such certifications.