Despite a U.S. Senate bill that gives $58B to the industry, including payroll support, carriers including Delta (NYSE:DAL) and Hawaiian (NASDAQ:HA) are offering cargo charter services on passenger planes to boost revenue.
“Travel restrictions and evaporating demand mean that, aside from cargo, there is almost no passenger business,” IATA Director General Alexandre de Juniac said in a statement. “For airlines, it’s apocalypse now.”
More on the Senate bill: Companies receiving funds cannot lay off employees before Sept. 30 or change collective bargaining agreements, while restrictions are in place for stock buybacks, dividends and executive pay. It also allows the government to take equity, warrants or other compensation.
Related: United (NASDAQ:UAL), American (NASDAQ:AAL), Southwest (NYSE:LUV), JetBlue (NASDAQ:JBLU), Alaska Air (NYSE:ALK), Spirit Airlines (NYSE:SAVE), Mesa Airlines (NASDAQ:MESA), SkyWest (NASDAQ:SKYW), FedEx (NYSE:FDX), UPS (NYSE:UPS) and Atlas Air (NASDAQ:AAWW).