Gregory Polek has spent his entire career in aviation journalism with AIN, starting as a proofreader and assistant to then-managing editor Mary Mahoney in 1995 after serving an internship with&nbsp;New Jersey Monthly&nbsp;magazine and completing his B.A. degree in English/Writing at New Jersey’s William Paterson College. By 1997 Polek accepted a position as an associate editor, covering the regional airline beat for&nbsp;Aviation International News&nbsp;in place of retiring industry veteran Don Anderson. The assignment took Polek across North America and Europe to profile regional airlines varying in size and mission from the likes of floatplane operators Kenmore Air and Chalk’s Ocean Airways to regional jet operators such as SkyWest and American Eagle. Today, in his dual role as Air Transport Editor and International Airshow Editor, Polek writes, edits, and manages AIN’s commercial aviation content while overseeing each of the company’s daily international air show publications in Paris, Farnborough, Singapore, and Dubai. Most recently Polek has assumed oversight of daily coverage of the Helicopter Association International’s annual Heli-Expo convention.

Senior Editor

Gregory Polek

Ten U.S. carriers have agreed in principle to participate in the Treasury Department’s Payroll Support Program, part of the Coronavirus Aid, Relief and Economic Security (CARES) Act that allows for a mix of grants and guaranteed loans to the country’s airlines in return for agreements to maintain staffing and pay rates, U.S. Treasury Secretary Steven Mnuchin confirmed on Tuesday. &nbsp;

 


Mnuchin named Alaska Airlines, Allegiant Air, American Airlines, Delta Air Lines, Frontier Airlines, Hawaiian Airlines, JetBlue Airways, United Airlines, SkyWest Airlines, and Southwest Airlines as participants while adding that negotiations continue with others, including smaller regional airlines and cargo carriers.

 


Trade group Airlines for America (A4A) welcomed the development with a ringing endorsement of the Trump Administration's efforts. “This funding will allow those 750,000 men and women to stay on airline payrolls through September 30, 2020, and out of the unemployment lines, which is critically important at a time when we already have seen multiple weeks of historically high unemployment claims," it said in a written statement.

 


Among the program’s biggest beneficiaries, American Airlines said it has accepted a $4.1 billion direct grant and a low-interest loan worth $1.7 billion. The Dallas-based airline added it would apply for a separate $4.75 billion loan from the Treasury Department. Along with agreeing to freeze furloughs and any pay rate reductions through September 30, the airline said it has agreed to limitations on stock buybacks, dividends, and executive compensation.

 


For its part, New York-based JetBlue Airways will take $685.1 million in direct support and a $257.1 million loan. In a statement, the airline explained that the funds cover the second and third quarters of the year and equate to 76 percent of its $1.23 billion payroll from the same period a year earlier.

 


Under the terms of the program, airlines accepting loans will need to start repaying them in October. The&nbsp;U.S.&nbsp;government will also receive a limited number of warrants, or the right to buy shares in the participating airlines at a pre-determined price. Meanwhile, the airlines must maintain a minimum level of domestic air service in exchange for the funds.

 


“While I am happy we are receiving this much-needed cash for payroll now, it adds to the significant debt we are taking on as we burn through our cash reserves,” said JetBlue CEO Robin Hayes. “Thankfully, we entered this crisis with one of the stronger balance sheets in the industry, but we will come out of this with significant debt to pay down.

 


“With flights below 150 daily and our aircraft now only about 10 percent full, we will have far less work and fewer hours for every salaried and hourly crewmember. I know this adds financial stress at a time when we are also worried about each other’s health and safety, but I am thankful we are in a position to provide some level of pay for everyone using the payroll support funds.”

News about commercial airlines, including regulations, aircraft orders, safety, acquisitions, and mergers.

Ten U.S. Airlines Agree to Covid-19 Relief Terms

In return for grants and low-interest loans, Payroll Support Program participants may not furlough workers until September 30.

2024 Corporate Aviation Leadership Summit

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News and developments about airplanes, helicopters and unmanned air vehicles used in all varieties of operations, including airlines, military, business, commercial, general aviation and private.

News about environmental issues relating to aircraft operations, including noise issues, emissisions, and regulations. See Fuel for biofuel.

News and issues relating to international air transport and cargo carriers, national airlines and regional airlines, including aircraft, engines, personnel, acquisitions, accidents, safety, security and training.

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News and issues relating to the aerospace industry that are related to the science, engineering and business of flight in space involving civil, industrial and military applications, and similar topics related to flight in the atmosphere of the Earth that are not covered more directly by other AINonline subject channels. In other words, both astronautical and aeronautical subjects, except for those aeronautical topics that are specifically covered elsewhere on this website.

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New developments at airports including regulations and noise issues; legal disputes; openings, acquisitions and mergers.

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News and developments about everything that goes into the cabin of an aircraft, from floor coverings to headliners, with a special emphasis on in-flight entertainment, communications and other electronics for passengers. If it is in the cabin of an aircraft, it’s covered here.

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