Economic Assistance for the US Vertical Lift Industry
Below is some information on economic assistance programs provided by US government agencies. Some of these are longstanding business assistance programs, and some were initiated in response to the COVID-19 pandemic and its devasting economic impact. HAI encourages its US members to take full advantage of these programs; this page will be updated as new programs become available.
Programs for Small Businesses
Below are some economic assistance programs operated by the US Small Business Administration (SBA. Please follow the links for more information on the economic assistance available for US small businesses.
Economic Injury Disaster Loan (EIDL)
This SBA loan program provides working capital loans of up to $2 million to help small businesses overcome the temporary loss of revenue they are experiencing.
Economic Injury Disaster Loan (EIDL) Emergency Advance
The SBA will provide up to $10,000 in economic relief to businesses that are currently experiencing temporary difficulties. This loan advance will not have to be repaid.
Express Bridge Loans
Small businesses that currently have a relationship with an SBA Express Lender can access up to $25,000 quickly. The money can be a term loan or used to bridge the gap while applying for a direct EIDL.
Payment Protection Program (PPP)
These SBA loans are designed to help businesses keep their workforce employed during the COVID-19 crisis.
SBA Debt Relief
If on March 1, 2020, you had an SBA Serviced Disaster (Home and Business) Loans that was on “regular servicing” status, the SBA is providing automatic deferments through December 31, 2020.
Programs for Air Carriers
The economic assistance programs below are operated by the US Treasury Department (Treasury). They were specifically designed to provide support to the aviation industry as it suffers from the economic effects of the COVID-19 pandemic.
Air Carrier Payroll Support Program
This Treasury program provides financial assistance for passenger air carriers, cargo air carriers, and certain contractors to enable the continued payment of employee wages, salaries, and benefits.
Air Carrier Loan Program
This Treasury loan program provides liquidity to the aviation industry for losses incurred as a result of the COVID-19 pandemic. These loans are subject to terms, conditions, and covenants determined by Treasury during loan negotiations.