Atlas Air Boeing 747-8F

Summary List Placement

Atlas Air, a cargo airline which includes Amazon as a major customer and investor, has seen business boom during the COVID-19 pandemic.

Yet this spring, as passenger carriers saw revenues plunge amid travel bans and lockdown orders, the company received $407 million from the US’ payroll support program. It was the largest amount received by any cargo airline under March’s economic stimulus passed by Congress, only behind major passenger carriers like Delta and United. Just under half — $199,831,979 — must be repaid.

Now, with revenue and profits once again nearing record highs above pre-pandemic levels, Democratic Rep. Jim Clyburn says Atlas and other cargo operators should return the full amount of the government-provided aid: “Congress intended for these taxpayer funds to save jobs, not to provide windfalls to thriving businesses,” the South Carolina delegate wrote in a letter October 20.

Atlas executives disagree, saying earlier in November that the company was “fully qualified” for the funds, as laid forth by the Treasury Department.

“We are not intending to return the funds,” chief executive John Dietrich said, noting that it was not a need-based program. “We responded accordingly and have been in full compliance, not only with the committee’s request, …read more


Source:: Businessinsider – Tech

      

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