Monday, September 27, 2021

US awards $482.3 million in Aviation Manufacturing Assistance

WASHINGTON – The US Department of Transportation said it is offering $482.3 million in aviation manufacturing assistance to 313 businesses, including up to $75.5 million to Spirit Aerosystems.

Congress earlier this year created a $3 billion aviation manufacturing payroll subsidy program that would cover half of the compensation costs of qualified companies for up to six months. Ohio-based Parker-Hannifin Corp. was offered $39.7 million, Connecticut-based Hexcel Corp. $20.9 million, and Astronics Corp. $14.7 million.

The companies did not immediately respond to requests for comment.

Of the 313 companies that received funding, 188 (60 percent) had fewer than 100 employees at the end of calendar year 2020.

The fund will help support 22,500 jobs across the country.

Kansas Republican U.S. Senator Jerry Moran said 31 Kansas companies will receive $104 million in payroll grants, including Kansas-based Spirit Aerosystems.

Senate Commerce Committee Chair Maria Cantwell said $41 million would be given to 32 companies in her home state of Washington.

The Democrat’s Cantwell said, “With aviation manufacturing not aiming to recover by 2022, at the earliest, this aviation safety program will help keep some of those workers on hold and prevent further layoffs at a critical time.” “

Read Also:  Pelosi delays vote on $1.2 trillion infrastructure bill

According to the Department of Transportation, more than 100,000 jobs have been lost in the aerospace industry since the start of the COVID-19 pandemic. Prior to this, the US aerospace industry employed approximately 2.2 million workers, including 1.2 million who worked in various parts of the supply chain across the country.

The proposal requires companies to commit not to lay off employees covered by the subsidy or without the consent of the employees during the six-month period.

Eligible companies include aircraft, engine, propeller or component manufacturers and companies that repair or overhaul airplanes and parts.

To qualify, a company must have involuntarily fired or laid off at least 10 percent of its total workforce, or experienced at least a 15 percent drop in 2020 total operating revenue .

Read Also:  Federal shutdown, infrastructure bill, debt ceiling battle in front of Congress

Applications for the second round of funding closed September 1 and recipients of additional funding will be announced this fall, the Department of Transportation said.

Some large airlines, such as General Electric Company’s GE Aviation and Boeing Company, refused to apply for subsidies.

by David Shepardson

.

This News Originally From – The Epoch Times

US awards $482.3 million in Aviation Manufacturing Assistance
Nation World News Deskhttps://nationworldnews.com
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news
- Advertisement -

Leave a Reply