How private jet owners got a subsidy from coronavirus relief funds

[Yo_Mama_Been_Loggin]

A Hollywood aviation management company is sharing the benefits of a taxpayer-financed loan with its private jet-owning clients after it won the loan through the federal Paycheck Protection Program, according to three clients and a copy of a letter announcing the plan.

The loan program was enacted by Congress and President Donald Trump to prevent workers at small businesses from being laid off during the coronavirus crisis, and the company, Clay Lacy Aviation, will be able to keep pilots and flight attendants employed with the money it received.

But the firm also decided to provide a benefit for clients who own the jets it manages, a rich set who weren't the target of federal coronavirus relief funds.

Those owners who opted in will get account credits through a formula based on the amount of the loan and the cost each owner incurs to employ crew members, according to a letter written by a top company executive that was provided to NBC News by one of the clients.

https://www.msn.com/en-us/money/smallbusiness/how-private-jet-owners-got-a-subsidy-from-coronavirus-relief-funds/ar-BB14JsVl

[Hoyt]

1. If the employees are kept on, not sure I have a problem since it

is likely owners haven’t traveled a lot during isolation. As the article says, the owners would otherwise have the option of laying off flight, cabin, and maintenance.