§9074 Required Assurances

Summary

To get financial help under this part, an airline or contractor must agree to several rules. They must not force employees off the payroll or cut pay or benefits until September 30, 2020. They and their affiliates may not buy stock of the airline or its parent that is listed on a national exchange until September 30, 2021. They may not pay dividends or other capital distributions on common stock until September 30, 2021. They also must follow the rules in sections 9075 and 9076. The Transportation Secretary can require a carrier getting aid to keep flying routes it served before March 1, 2020, when reasonable, taking into account small or remote communities and medical and pharmaceutical supply chains. That power ends March 1, 2022. If a contractor spends any of the aid after December 27, 2020, the no-furlough, no-stock-purchase, and no-dividend rules stay in effect until the stated dates or until the aid is fully spent, whichever is later. Contractors of the type in section 9071(3)(A)(i) must report by April 5, 2021 how much they spent through March 31, 2021; the Secretary will seek to recover any money still unspent on April 30, 2021. If a contractor had unspent aid on December 27, 2020 and had involuntarily furloughed workers or cut pay between March 27, 2020 and the date it agreed to accept the aid, it must recall those workers by January 4, 2021, unless the Treasury Secretary waives that requirement because the contractor certifies it lacks enough remaining aid to keep recalled workers employed for more than two weeks. The Treasury Inspector General will audit those certifications.