4003 Loan Program — U.S. Department of the Treasury (Established by the CARES Act)

Summary

U.S. Department of the Treasury page on the 4003 Loan Program, established by the CARES Act to let Treasury make loans to businesses facing pandemic losses. It says Treasury provided approximately $2.7 billion in loans to 35 eligible businesses, among them passenger air carriers, repair station operators, ticket agents, cargo air carriers and national security businesses. As of June 2024, 20 borrowers owed a combined $213 million, 15 had fully repaid $2.5 billion in principal, and borrowers had paid more than $182 million in cash interest. The data are current as of 05/05/2025. Tables list each borrower's city, state, anticipated loan amount and dates, including American Airlines ($7,500,000,000) and United Airlines ($7,491,000,000).

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U.S. Department of the Treasury

4003 Loan Program

Established by the CARES Act, the 4003 Loan Program authorized the Treasury Department to make loans, loan guarantees, and other investments to provide liquidity to eligible businesses related to losses incurred due to the coronavirus pandemic. Under this program, the Treasury Department provided approximately $2.7 billion in loans to 35 eligible businesses, including passenger air carriers, repair station operators, ticket agents, cargo air carriers, and businesses critical to maintaining national security.

The 4003 Loan Program provided an emergency credit line for large and small businesses unable to obtain credit elsewhere during the height of the pandemic, thereby reducing COVID-19-driven bankruptcies, protecting pensions, and, together with the Payroll Support Program, avoiding long-term reductions in aviation capacity.

To the extent practicable, the CARES Act required borrowers to agree to maintain their March 24, 2020, employment levels between that date and September 30, 2020. In accordance with the statute, borrowers also were required to agree to certain employee compensation restrictions; agree not to repurchase stock; and agree not to pay dividends or make other capital distributions until 12 months after the loan is fully repaid to the Treasury Department.

Further, the CARES Act required that the Treasury Department receive certain financial protections in making a loan, in the form of a warrant or equity interest if the borrower is a public company, or a warrant, equity interest, or senior debt instrument if the borrower is a private company. As of June 2024, of the 35 loans that the Treasury Department provided, 20 borrowers owe a combined $213 million. Fifteen borrowers have fully repaid their loans for a combined $2.5 billion in principal repayments. Borrowers have paid more than $182 million in cash interest payments.

DATA CURRENT AS OF 05/05/2025

air carriers, repair station operators, and ticket agents 1

Borrower | City 2 | State 2 | Total Anticipated Loan Amount | Date of Application | Date of Loan Agreement 3 | Transaction Information 4
AERO HYDRAULICS, INC. | FAYETTEVILLE | GA | $450,000 | 05/1/2020 | 10/26/2020 | Transaction Summary Transaction Documentation
ALASKA AIRLINES, INC. | SEATTLE | WA | $1,928,000,000 | 04/17/2020 | 09/28/2020 (amended 10/30/2020 and 01/15/2021) | Transaction Summary Transaction Documentation
ALLFLIGHT CORPORATION | KENT | WA | $4,721,260 | 04/17/2020 | 11/05/2020 | Transaction Summary Transaction Documentation
AMERICAN AIRLINES, INC. | FORT WORTH | TX | $7,500,000,000 | 04/18/2020 | 09/25/2020 (amended 10/21/2020 and 01/15/2021) | Transaction Summary Transaction Documentation
AMERICAN JET INTERNATIONAL CORP | HOUSTON | TX | $1,162,124 | 04/09/2020 | 11/05/2020 | Transaction Summary Transaction Documentation
AVIATION MANAGEMENT & REPAIRS, INC. | FORT PIERCE | FL | $4,026,705 | 04/29/2020 | 11/05/2020 | Transaction Summary Transaction Documentation
BRISTIN TRAVEL, LLC | FAYETTEVILLE | AR | $549,651 | 04/11/2020 | 10/26/2020 | Transaction Summary Transaction Documentation
CARIBBEAN SUN AIRLINES, INC. | VIRGINIA GARDENS | FL | $6,768,749 | 04/17/2020 | 11/05/2020 (amended 12/7/2020) | Transaction Summary Transaction Documentation
EASTERN AIRLINES LLC | WAYNE | PA | $15,000,000 | 04/18/2020 | 10/28/2020 | Transaction Summary Transaction Documentation
ELITE AIRWAYS, LLC | PORTLAND | ME | $2,630,274 | 04/14/2020 | 11/09/2020 (amended 12/1/2020) | Transaction Summary Transaction Documentation
FRONTIER AIRLINES, INC. | DENVER | CO | $574,000,000 | 04/16/2020 | 09/28/2020 (amended 01/15/2021) | Transaction Summary Transaction Documentation
HAWAIIAN AIRLINES, INC. | HONOLULU | HI | $622,000,000 | 04/17/2020 | 09/25/2020 (amended 10/23/2020 and 01/15/2021) | Transaction Summary Transaction Documentation
ISLAND WINGS, INC. | FT. LAUDERDALE | FL | $294,350 | 04/30/2020 | 11/05/2020 | Transaction Summary Transaction Documentation
JETBLUE AIRWAYS CORPORATION | LONG ISLAND CITY | NY | $1,948,000,000 | 04/29/2020 | 09/29/2020 (amended 11/03/2020 and 01/15/2021) | Transaction Summary Transaction Documentation
LEGACY AIRWAYS, LLC | CONROE | TX | $1,817,306 | 06/23/2020 | 10/20/2020 | Transaction Summary Transaction Documentation
MESA AIRLINES, INC. | PHOENIX | AZ | $195,000,000 | 04/24/2020 | 10/30/2020 | Transaction Summary Transaction Documentation
OVATION TRAVEL GROUP INC. | NEW YORK | NY | $20,000,000 | 04/16/2020 | 10/15/2020 | Transaction Summary Transaction Documentation
REPUBLIC AIRWAYS, INC. | INDIANAPOLIS | IN | $58,000,000 | 04/20/2020 | 11/06/2020 | Transaction Summary Transaction Documentation
SKYWEST AIRLINES, INC. | ST. GEORGE | UT | $725,000,000 | 04/24/2020 | 09/29/2020 (amended 10/28/2020 and 01/15/2021) | Transaction Summary Transaction Documentation
SOUTHERN AIRWAYS EXPRESS, LLC | POMPANO BEACH | FL | $1,838,501 | 04/17/2020 | 10/28/2020 | Transaction Summary Transaction Documentation
SUN COUNTRY, INC. | MINNEAPOLIS | MN | $45,000,000 | 04/17/2020 | 10/26/2020 | Transaction Summary Transaction Documentation
THOMAS GLOBAL SYSTEMS LLC | IRVINE | CA | $1,400,000 | 04/16/2020 | 11/09/2020 | Transaction Summary Transaction Documentation
TIMCO ENGINE CENTER, INC. | OSCODA | MI | $8,390,240 | 04/17/2020 | 11/05/2020 | Transaction Summary Transaction Documentation
UNITED AIRLINES, INC. | CHICAGO | IL | $7,491,000,000 | 04/17/2020 | 09/28/2020 (amended 11/06/2020, 12/08/2020 and 01/15/2021) | Transaction Summary Transaction Documentation

National Security Businesses 1

Borrower | City 2 | State 2 | Total Anticipated Loan Amount | Date of Application | Date of Loan Agreement 3 | Transaction Information 4
SPACE-EYES, INC. (Channel Logistics, LLC) | CAMDEN | NJ | $2,500,000 | 05/01/2020 | 11/12/2020 | Transaction Summary Transaction Documentation
CORE AVIONICS & INDUSTRIAL, INC. | TAMPA | FL | $6,000,000 | 05/01/2020 | 11/05/2020 | Transaction Summary Transaction Documentation
MAP LARGE, INC. | ATLANTA | GA | $10,000,000 | 04/27/2020 | 11/02/2020 | Transaction Summary Transaction Documentation
MERIDIAN RAPID DEFENSE GROUP, LLC | PASADENA | CA | $7,100,000 | 05/06/2020 | 10/30/2020 | Transaction Summary Transaction Documentation
OVIO TECHNOLOGIES, INC. | NEWPORT BEACH | CA | $1,186,900 | 05/04/2020 | 11/02/2020 | Transaction Summary Transaction Documentation
SEMAHTRONIX, LLC | FLIPPIN | AR | $1,999,100 | 05/01/2020 | 11/13/2020 | Transaction Summary Transaction Documentation
SEMANTIC AI, INC. | SAN DIEGO | CA | $506,300 | 05/01/2020 | 11/13/2020 | Transaction Summary Transaction Documentation
SPINLAUNCH, INC. | LONG BEACH | CA | $2,519,200 | 05/01/2020 | 11/13/2020 | Transaction Summary Transaction Documentation
VISUAL SEMANTICS, INC. | AUSTIN | TX | $1,053,200 | 05/01/2020 | 10/30/2020 | Transaction Summary Transaction Documentation
WISER IMAGERY SERVICES, LLC | MURFREESBORO | TN | $3,069,700 | 05/12/2020 | 10/30/2020 | Transaction Summary Transaction Documentation
YELLOW CORPORATION (FORMERLY YRC WORLDWIDE INC.) | OVERLAND PARK | KS | $700,000,000 | 04/29/2020 | 07/08/2020 | Transaction Summary Transaction Documentation
- Only certain categories of entities are eligible to receive loans under sections 4003(b)(1), (2), and (3) of the CARES Act. Under those provisions, a borrower must be a passenger air carrier; a business that is certified under 14 CFR part 145 and approved to perform inspection, repair, replace, or overhaul services; a ticket agent (as defined in 49 U.S.C. 40102); a cargo air carrier; or a business critical to maintaining national security. Additional information regarding eligibility is provided in the "Procedures and Minimum Requirements for Loans to Air Carriers and Eligible Businesses and National Security Businesses under Division A, Title IV, Subtitle A of the Coronavirus Aid, Relief, and Economic Security Act" (March 30, 2020), available here
- The location provided is the address included by borrowers in their applications and may not include all locations in which a borrower operates.
- Date of Loan Agreement: The date of the loan agreement is also the date of approval of the borrower’s application. For borrowers whose loan agreements have been amended, the date listed is the date of execution of the initial loan agreement.
- The transaction documentation provides information including the interest rate, conditions, and other material and financial terms of the transactions.

CARES Act Section 4026(b) Reports

4026(b)(1)(C) Loan Report (09/01/2026)

4026(b)(1)(C) Loan Report (08/01/2026)

4026(b)(1)(C) Loan Report (07/01/2026)

4026(b)(1)(C) Loan Report (06/01/2026)

4026(b)(1)(C) Loan Report (05/01/2026)

4026(b)(1)(C) Loan Report (04/01/2026)

4026(b)(1)(C) Loan Report (03/01/2026)

4026(b)(1)(C) Loan Report (02/01/2026)

4026(b)(1)(C) Loan Report (01/01/2026)

4026(b)(1)(C) Loan Report (12/01/2025)

4026(b)(1)(C) Loan Report (11/01/2025)

4026(b)(1)(C) Loan Report (10/01/2025)

4026(b)(1)(C) Loan Report (09/01/2025)

4026(b)(1)(C) Loan Report (08/01/2025)

4026(b)(1)(C) Loan Report (07/01/2025) Updated

4026(b)(1)(C) Loan Report (06/01/2025)

4026(b)(1)(C) Loan Report (05/01/2025)

4026(b)(1)(C) Loan Report (04/01/2025)

4026(b)(1)(C) Loan Report (03/01/2025)

4026(b)(1)(C) Loan Report (02/01/2025)

4026(b)(1)(C) Loan Report (01/01/2025)

4026(b)(1)(C) Loan Report (12/01/2024)

4026(b)(1)(C) Loan Report (11/01/2024)

4026(b)(1)(C) Loan Report (10/01/2024)

4026(b)(1)(C) Loan Report (09/01/2024)

4026(b)(1)(C) Loan Report (08/01/2024)

4026(b)(1)(C) Loan Report (07/01/2024)

4026(b)(1)(C) Loan Report (06/01/2024)

4026(b)(1)(C) Loan Report (05/01/2024)

4026(b)(1)(C) Loan Report (04/01/2024)

4026(b)(1)(C) Loan Report (03/01/2024)

4026(b)(1)(C) Loan Report (02/01/2024)

4026(b)(1)(C) Loan Report (01/01/2024)

4026(b)(1)(C) Loan Report (12/01/2023)

4026(b)(1)(C) Loan Report (11/01/2023)

4026(b)(1)(C) Loan Report (10/01/2023)

4026(b)(1)(C) Loan Report (09/01/2023)

4026(b)(1)(C) Loan Report (08/01/2023)

4026(b)(1)(C) Loan Report (07/01/2023)

4026(b)(1)(C) Loan Report (06/01/2023)

4026(b)(1)(C) Loan Report (05/01/2023)

4026(b)(1)(C) Loan Report (04/15/2023)

4026(b)(1)(C) Loan Report (03/15/2023)

4026(b)(1)(C) Loan Report (03/01/2023)

4026(b)(1)(C) Loan Report (02/01/2023)

4026(b)(1)(C) Loan Report (01/01/2023)

4026(b)(1)(C) Loan Report (12/01/2022)

4026(b)(1)(C) Loan Report (11/01/2022)

4026(b)(1)(C) Loan Report (10/01/2022)

4026(b)(1)(C) Loan Report (09/01/2022)

4026(b)(1)(C) Loan Report (08/01/2022)

4026(b)(1)(C) Loan Report (07/01/2022)

4026(b)(1)(C) Loan Report (06/01/2022)

4026(b)(1)(C) Loan Report (05/01/2022)

4026(b)(1)(C) Loan Report (04/01/2022)

4026(b)(1)(C) Loan Report (03/01/2022)

4026(b)(1)(C) Loan Report (02/01/2022)

4026(b)(1)(C) Loan Report (01/01/2022)

4026(b)(1)(C) Loan Report (12/01/2021)

4026(b)(1)(C) Loan Report (11/01/2021)

4026(b)(1)(C) Loan Report (10/01/2021)

4026(b)(1)(C) Loan Report (09/01/2021)

4026(b)(1)(C) Loan Report (08/01/2021)

4026(b)(1)(C) Loan Report (07/01/2021)

4026(b)(1)(C) Loan Report (06/01/2021)

4026(b)(1)(C) Loan Report (05/01/2021)

4026(b)(1)(C) Loan Report (04/01/2021)

4026(b)(1)(C) Loan Report (03/01/2021)

4026(b)(1)(C) Loan Report (02/03/2021)

4026(b)(1)(C) Loan Report (01/04/2021)

4026(b)(1)(C) Loan Report (12/05/2020)

4026(b)(1)(C) Loan Report (11/05/2020)

4206(b)(1)(C) Loan Report (10/05/2020)

4026(b)(1)(C) Loan Report (09/06/2020)

4026(b)(1)(C) Loan Report (08/07/2020)

4026(b)(1)(B) Loan Report (12/29/2020)

4026(b)(1)(B) Loan Report (12/15/2020)

4026(b)(1)(B) Loan Report (12/08/2020)

4026(b)(1)(B) Loan Report (11/25/2020)

4026(b)(1)(B) Loan Report (11/19/2020)

4026(b)(1)(B) Loan Report (11/12/2020)

4026(b)(1)(B) Loan Report (11/04/2020)

4026(b)(1)(B) Loan Report (10/30/2020)

4026(b)(1)(B) Loan Report (10/23/2020)

4026(b)(1)(B) Loan Report (10/02/2020)

4026(b)(1)(B) Loan Report (07/15/2020)

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