From the Document: "The COVID [coronavirus disease]-19 pandemic has created headwinds for the airline industry. Out of health concerns, customers were canceling international air travel to China and other affected countries in Asia as early as January 2020. Since then, travel restrictions imposed by governments around the world as well as suspension of nonessential travel by businesses and organizations have led to a sharp drop in air travel. These developments could also have significant implications for civil aviation programs. The International Air Transport Association, an airline industry group, projected on March 17 that the industry's losses globally due to COVID-19 would exceed $113 billion--more than 19% of the annual revenue--and warned that numerous airlines around the world were running out of cash. Many passenger carriers have canceled services in the face of reduced demand, and have sought to conserve cash by offering voluntary leaves of absence, placing workers on furlough, and grounding or accelerating retirement of some aircraft."
CRS Insight, IN11267
Congressional Research Service: https://crsreports.congress.gov/