§9074 Required Assurances

Summary

To get federal financial help, an air carrier or contractor must agree to a few rules. They must not do involuntary furloughs or cut pay or benefits until September 30, 2020. They must not, through September 30, 2021, let themselves or any affiliate buy stock of the carrier or its parent that trades on a national exchange. They must not, through September 30, 2021, pay dividends or other capital distributions on their common stock. They also must follow the rules in sections 9075 and 9076. The Transportation Secretary can require carriers who get aid to keep serving any place they served before March 1, 2020, while thinking about small or remote towns and medical supply needs. That power ends March 1, 2022. If contractors spend aid after December 27, 2020, the no-furlough, no-stock-purchase, and no-dividend rules stay in place until the listed dates or until the aid is fully spent, whichever is later. Contractors that got aid must report by April 5, 2021 how much they spent through March 31, 2021; if any money is still unspent by April 30, 2021 the government will try to recover it. Contractors that had unspent aid on December 27, 2020 and who furloughed or cut pay between March 27, 2020 and their aid agreement must bring back those furloughed workers by January 4, 2021, unless the Treasury Secretary waives that requirement because the contractor certifies it cannot afford to keep them more than two weeks; the Treasury Inspector General will audit such certifications.