May 5, 2020 / 11:52 PM / a month ago

U.S. aerospace industry wants Congress to consider new assistance

WASHINGTON (Reuters) - The head of the Aerospace Industries Association will ask a U.S. Senate Committee on Wednesday to consider providing temporary assistance to the aerospace manufacturing sector and warned more jobs are in jeopardy due to the coronavirus pandemic.

Eric Fanning, the group’s chief executive, will urge Congress at a hearing to consider “temporary and targeted assistance for the ailing aviation manufacturing sector ... There is strong support in our industry for a private-public partnership to protect jobs and keep at-risk employees on the payroll through the pandemic.”

His written testimony also raised concerns that many companies may not be eligible for a $17 billion U.S. Treasury Department national security related loan program and suggested revisions to the lending criteria.

Major aviation manufacturers have already announced thousands of layoffs amid a steep air travel falloff.

Reporting by David Shepardson and Tracy Rucinski; Editing by Himani Sarkar

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