Transaction Description:
PURPOSE: THESE FUNDS WILL HELP THE RECIPIENT BUSINESS BY PAYING UP TO HALF OF THE COMPENSATION COSTS FOR THEIR ELIGIBLE EMPLOYEE GROUP (EEG), AS DEFINED IN THE STATUTE, FOR UP TO SIX MONTHS. ACTIVITIES TO BE PERFORMED: THE FUNDS CAN ONLY BE USED TO FACILITATE THE RETENTION, REHIRE, OR RECALL OF EMPLOYEES OF THE RECIPIENT BUSINESS. THE PURPOSE OF THIS PROGRAM IS PAYROLL ASSISTANCE. THEREFORE, THERE IS VERY LITTLE THAT A RECIPIENT HAS TO "PERFORM." THE RECIPIENT BUSINESS MUST MAKE CERTAIN CERTIFICATIONS AND COMMITMENTS, INCLUDING CONTINUING DISCLOSURE, REPORTING, AND PROVIDING THE REMAINING FUNDS NECESSARY TO MAINTAIN THE EEG’S TOTAL COMPENSATION LEVEL. EXPECTED OUTCOMES: THE RECIPIENT BUSINESS WILL PRESERVE THEIR EEG FOR THE SIX-MONTH DURATION OF THE AMJP AGREEMENT WITHOUT CONDUCTING ANY INVOLUNTARY LAYOFFS, FURLOUGHS, OR REDUCTIONS IN COMPENSATION FOR THAT GROUP. INTENDED BENEFICIARIES: THE RECIPIENT BUSINESS, ITS EMPLOYEES, AND THE LOCAL AND REGIONAL ECONOMY WILL BENEFIT. THE AVIATION INDUSTRY WILL ALSO BENEFIT FROM STABILIZED AVAILABILITY OF CRITICAL COMPONENTS AND MAINTENANCE AND REPAIR SERVICES. SUBRECIPIENT ACTIVITIES: THERE ARE NO SUBRECIPIENTS.
