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Boeing Seeks $60 Bln In US Government Aid

boeing737 july24 17mar20 lt

Boeing is seeking $60 billion in U.S. government loan guarantees and other assistance, as it continues to struggle amid the 737 Max crisis and COVID-19 pandemic impacts.

Without providing details of a bailout package, President Donald Trump said, "Boeing got hit hard in many different ways......we'll be helping Boeing."

Boeing welcomed the support of the President and the Administration for the 2.5 million jobs and 17,000 suppliers.

Funds would support the health of the broader aviation industry, because much of any liquidity support to the company will be used for payments to suppliers to maintain the health of the supply chain, Boeing said in a statement.

Boeing has already been facing headwinds related to the grounding of its 737 MAX commercial planes, after two fatal crashes within a short span of five months. The accidents have killed 346 people on board.

On Monday, US airlines were seeking more than $50 billion in financial aid from the government, as the industry reels from the coronavirus outbreak.

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