by Donald Wood
Last updated: 12:20 PM ET, Mon September 13, 2021
United States President Joe Biden and his administration announced a fund consisting of $482 million available to aviation manufacturers that continue to struggle due to the coronavirus pandemic.
According to The Associated Press, the U.S. Department of Transportation revealed the taxpayer-funded relief was set aside to cover up to half of the payroll costs at 313 companies, a move that would save an estimated 22,500 jobs.
Transportation Department officials revealed that more than 100,000 aerospace jobs have been lost during the COVID-19 outbreak, with the Delta variant causing a higher number of cancellations and diminished travel over the last several months.
Some of the companies receiving money include Spirit Aerosystems ($75.5 million), Parker-Hannifin Corp ($39.7 million), Panasonic ($25.8 million) and Safran S.A. ($24.8 million). The funds are part of the $1.9 trillion package approved in March.
The Federal Aviation Administration (FAA) also recently awarded $100 million to aerospace companies including Boeing, General Electric and Pratt & Whitney as part of a larger effort to reduce plane emissions and noise.
The AP is reporting the $482 million the government made available to aviation manufacturers is similar-but much smaller-than the program developed to aid airlines in the U.S., which received $54 billion.
Earlier this year, the FAA announced a settlement with Boeing that would require the manufacturer to pay at least $17 million due to the installation of unapproved sensors and other parts on some Boeing 737 NG and 737 MAX aircraft built between 2015 and 2019.
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