Five more large U.S. carriers have preliminarily agreed on terms for accepting Cares Act loans from the federal government. 

Delta, United, Southwest, JetBlue and Alaska have each signed letters of intent with the Treasury Department, said Treasury Secretary Steven Mnuchin.

They join American, Frontier, Spirit, Hawaiian and Sky West, which signed letters of intent last week

In total, the Cares Act authorizes the Treasury Department to disburse $25 billion in loans to U.S. carriers. In exchange for the loans, the government has the option to take small ownership stakes in the airlines. 

This tranche of loans is separate from the $25 billion in combined grants and loans that Treasury has already awarded to airlines. Under that first tranche of Cares Act funding, major carriers received 70% of the money as grants and 30% as low-interest loans. For the grant portion, Treasury had the right to buy equity at a set price equal to approximately 10% of the value of the loan.

U.S. airlines are continuing to bleed money, with demand off more than 75% from last year. United said Wednesday that it is still losing $40 million per day.


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