COVID-19: Smiles back on Small Passenger Air Carriers Employees and Employers.
As the Treasury and the IRS are working flat out to rescue every small business in the country. After a COVID-19 inspired pandemic. We are glad to say that small passenger carriers are now being offered their own separate package. This is necessary, given how much the aviation industry has been hit by a travel ban imposed on several travelers across the world. In such a time, no one is willing to risk their lives for a holiday.
Therefore, income for operators in the tourism and hospitality industry. Including small passenger air carriers has been the hardest hit.
With this latest offering, treasury says;
- It has received over 230 applications for payroll support from a wide range of passenger air carriers
- This is being rolled out under the auspices of title IV of the CARES Act. Which provides payroll support for American workers. Employed by passenger air carriers, cargo air carriers, and related contractors.
- The payroll support is to keep Americans employed in the sector in their jobs. Especially when they are faced with losing their jobs
- Treasury will not require passenger air carriers that will receive $100 million of payroll assistance or less. To provide financial instruments as appropriate compensation.
- Therefore, these will promptly receive the payments as soon as the application is done
In light of the last point, it helps to know that most of the applicants. According to the Treasury Department, they are falling under the $100 million category, serve for the other 12 unnamed ones whose applications exceed $100 million.
For more information on several COVID-19 related payments and bailouts> call us for further explanations. We have realized that many have gotten the information twisted. Which is dangerous as it may lead to your loss of the payout.
Ps: If you have a question about what is happening? And what needs to be done get Coronavirus Stimulus check. Go to our Coronavirus FAQ: The Cares Act. Don’t forget that we can help you file your taxes! Have a Free Quick tax Chat with your Dave Ramsey Endorsed Tax Accountant