Financial Assistance: Lessons Learned from CARES Act Loan Program for Aviation and Other Eligible Businesses, Report to Congressional Committees   [open pdf - 654KB]

From the Highlights: "The COVID-19 [coronavirus disease 2019] pandemic has resulted in catastrophic loss of life and substantial damage to the global economy, including the aviation sector. U.S. passenger air carriers have lost almost $20 billion and over 47,000 jobs in 2020, with losses forecast to continue into 2021. In March 2020, Congress passed, and the President signed into law, the CARES [Coronavirus Aid, Relief, and Economic Security] Act, which provides over $2 trillion in emergency assistance and health care response for individuals, families, and businesses affected by the COVID-19 pandemic, including businesses in the aviation sector. The CARES Act contained a provision for GAO [Government Accountability Office] to review the loans provided under the Act. This report examines, among other things, eligible businesses' participation in the loan program and lessons learned from the program for Congress and Treasury [Department of the Treasury]."