Transaction Description:
PURPOSE: THE PAYROLL SUPPORT PROGRAM (PSP) PROVIDES TEMPORARY FINANCIAL ASSISTANCE TO PASSENGER AIR CARRIERS, CARGO AIR CARRIERS, AND CERTAIN AVIATION CONTRACTORS. ACTIVITIES TO BE PERFORMED: IN THE FIRST ROUND OF THE PSP UNDER THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (PSP1), PASSENGER AIR CARRIERS, CARGO AIR CARRIERS, AND CERTAIN AVIATION CONTRACTORS WERE ELIGIBLE TO RECEIVE ASSISTANCE. IN THE SECOND ROUND OF THE PSP UNDER THE CONSOLIDATED APPROPRIATIONS ACT, 2021 (PSP2) AND THE THIRD ROUND UNDER THE AMERICAN RESCUE PLAN ACT OF 2021 (PSP3), ONLY PASSENGER AIR CARRIERS AND CERTAIN AVIATION CONTRACTORS WERE ELIGIBLE FOR ASSISTANCE. ALL FUNDING MUST BE USED EXCLUSIVELY FOR EMPLOYEE WAGES, SALARIES, AND BENEFITS. RECIPIENTS ARE SUBJECT TO RESTRICTIONS ON FURLOUGHS, PAY RATE REDUCTIONS, AND COMPENSATION OF EMPLOYEES. END GOAL/EXPECTED OUTCOMES: THE GOAL OF THE FINANCIAL ASSISTANCE IS TO PRESERVE AVIATION JOBS. INTENDED BENEFICIARIES: ELIGIBLE AVIATION COMPANIES AND THEIR EMPLOYEES. SUBRECIPIENT ACTIVITIES: THERE ARE NO SUBRECIPIENTS FOR THIS PROGRAM.
