Airlines for America (A4A), the trade group for the US airline industry, on Monday asked for nearly $60 billion in direct assistance and loan guarantees as airlines worldwide struggle amid the novel coronavirus (COVID-19) spread.

A4A stated that because the current economic environment is simply not sustainable, and the crisis does not appear to have an end in sight, the organization recommends immediate and long-term assistance to the US airline industry and their employees in the form of grants, loans and tax relief.

A4A seeks $29 billion in immediate assistance—$25 billion for passenger carriers and $4 billion for cargo air carriers—to compensate for losses from December 2019 to December 2020. Additionally, A4A suggested a voluntary liquidity facility program up to $29 billion, pursuant to which the Federal Reserve would purchase financial instruments from or provide zero interest unsecured loans or zero interest unsecured loan guarantees to US passenger air carriers and cargo air carriers. Lastly, A4A recommended a rebate of federal excise taxes and a temporary repeal of all federal excise taxes.

As the global airline industry experiences unprecedented losses, around 60 of the world’s air carriers have urged for government assistance.

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