Treasury Report Under Section 4026(b)(1)(C) of the CARES Act (November 1, 2025)
Summary
A U.S. Department of the Treasury report under Section 4026(b)(1)(C) of the CARES Act, reflecting 14 outstanding loans and 21 loans that have been fully repaid, have been transferred, or are uncollectible as of November 1, 2025. The outstanding loans total $44,879,209 authorized, $61,400,361 outstanding, $4,753,680 in repaid principal and $6,248,327 in cash interest receipts. A footnote states that on October 24, 2025, Treasury sold its interests in a loan to an unaffiliated party for $40.36 million. Space-Eyes Inc., the successor by conversion to Channel Logistics, LLC, is in default, and Bristin Travel LLC is in default for failure to repay the full loan balance due at maturity.
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“Treasury Report Under Section 4026(b)(1)(C) of the CARES Act (November 1, 2025).”
Original at home.treasury.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/u-s-department-of-the-treasury-4026-b-1-c-loan-report-11-01-2025-adc895c88c/
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Report Under Section 4026(b)(1)(C) of the CARES Act on
Loans to Air Carriers, Eligible Businesses, and National Security Businesses
November 1, 2025
Program Description
Section 4003 of Division A of the Coronavirus Aid, Relief and Economic Security Act
(CARES Act) authorized the Treasury Department to make loans, loan guarantees, and
other investments to provide liquidity to eligible businesses related to losses incurred as a
result of the coronavirus pandemic.
The CARES Act provided:
(1) up to $25 billion for loans and loan guarantees for passenger air carriers; eligible
businesses that are certified under 14 CFR part 145 and approved to perform
inspection, repair, replace, or overhaul services; and ticket agents (as defined in
49 U.S.C. § 40102);
(2) up to $4 billion for loans and loan guarantees for cargo air carriers; and
(3) up to $17 billion for loans and loan guarantees for businesses critical to
maintaining national security.
A loan or loan guarantee under section 4003 was authorized to be made in such form and
on such terms and conditions and contain such covenants, representations, warranties,
and requirements as the Treasury Secretary determined appropriate. However, the
CARES Act specified a number of requirements applicable to these loans or loan
guarantees. Among other requirements under the statute, borrowers were required to
maintain employment levels as of March 24, 2020, to the extent practicable, and in any
case not reduce their employment levels by more than 10 percent from the levels on such
date, until September 30, 2020. Borrowers were also required to agree to certain
restrictions on employee compensation; agree not to repurchase stock, except to the
extent required under a contractual obligation in effect as of March 27, 2020; and agree
not to pay dividends or make other capital distributions with respect to the borrower’s
common stock until 12 months after the loan has been repaid.
In addition, the CARES Act required that Treasury receive a warrant or equity instrument
in the borrower if the borrower was a public company (unless Treasury determined that
the issuance of warrants or equity was infeasible, in which case the company was
required to provide a senior debt instrument), or a warrant, equity instrument, or senior
debt instrument if the borrower was a private company, to compensate taxpayers.
1
Reporting Requirements
The CARES Act requires Treasury to make a number of disclosures regarding its loans
and loan guarantees under section 4003 of the CARES Act:
(1) under section 4026(a) of the CARES Act, not later than 72 hours after any
transaction under section 4003(b)(1), (2), or (3) of the CARES Act, Treasury must
publish on its website a description of the transaction, certain transaction terms,
and transaction documentation;
(2) under section 4026(b)(1)(A) of the CARES Act, not later than seven days after any
loan or loan guarantee under section 4003(b)(1), (2), or (3), Treasury must submit
to Congress a report summarizing the actions taken under those provisions and
certain related financial information;
(3) under section 4026(b)(1)(B) of the CARES Act, not later than seven days after
delivering the report to Congress described above, Treasury must publish the
report on its website; and
(4) under section 4026(b)(1)(C) of the CARES Act, every 30 days while a loan or loan
guarantee under section 4003(b)(1), (2), or (3) is outstanding, Treasury must
publish on its website a report summarizing its reports to Congress described
above.
Treasury has published the information and reports described above on its website at
https://home.treasury.gov/policy-issues/cares/preserving-jobs-for-american-
industry/loans-to-air-carriers-eligible-businesses-and-national-security-businesses.
Current Report
This report summarizes information about transactions under sections 4003(b)(1), (2),
and (3) of the CARES Act. This report reflects 14 outstanding loans and 21 loans that
have been fully repaid, have been transferred, or are uncollectible as of November 1,
2025.
(See next page)
2
DETAILED FINANCIAL STATEMENT REFLECTING LOANS FULLY REPAID, TRANSFERRED, OR UNCOLLECTIBLE
Total Total Repaid
Borrower Borrower Date of Loan Maturity Total Authorized Cash Interest
City2 State2 Disbursements3 Outstanding Loan
Name Type1 Agreement Date Loan Amount Receipts
Loan Amount 4 Principal
9/28/2020 (amended
Alaska Airlines, Passenger
Seattle WA 10/3/2020 and 9/26/2025 $1,928,000,000 $135,000,000 $0 $135,000,000 $2,538,900
Inc. Air Carrier
1/15/2021)
9/25/2020 (amended
American Passenger
Fort Worth TX 10/21/2020 and 6/30/2025 $7,500,000,000 $550,000,000 $0 $550,000,000 $10,257,500
Airlines, Inc. Air Carrier
1/15/2021)
Core Avionics & National
Tampa FL 11/5/2020 11/5/2025 $6,000,000 $6,000,000 $0 $6,489,033 $213,998
Industrial, Inc. Security
Eastern Passenger
Wayne PA 10/28/2020 10/28/2025 $15,000,000 $15,000,000 $0 $18,641,277 $3,745,591
Airlines, LLC Air Carrier
Frontier Passenger 9/28/2020 (amended
Denver CO 9/26/2025 $574,000,000 $150,000,000 $0 $150,000,000 $5,548,667
Airlines, Inc. Air Carrier 1/15/2021)
9/25/2020 (amended
Hawaiian Passenger Honolulu
HI 10/23/2020 and 6/28/2024 $622,000,000 $45,000,000 $0 $45,000,000 $450,450
Airlines, Inc. Air Carrier
1/15/2021)
Island Wings, Cargo Air Ft.
FL 11/5/2020 11/5/2025 $294,350 $294,350 $0 $361,576 $57,913
Inc. Carrier Lauderdale
9/29/2020
JetBlue Airways Passenger Long Island
NY (amended 11/3/2020 9/29/2025 $1,948,000,000 $115,000,000 $0 $115,000,000 $3,330,113
Corporation Air Carrier City
and 1/15/2021)
3
DETAILED FINANCIAL STATEMENT REFLECTING LOANS FULLY REPAID, TRANSFERRED, OR UNCOLLECTIBLE
Total Total Total Repaid
Borrower Borrower Date of Loan Maturity Cash Interest
City2 State2 Authorized Disbursements3 Outstanding Loan
Name Type1 Agreement Date Receipts
Loan Amount Loan Amount 4 Principal
National
Map Large, Inc. Atlanta GA 11/2/2020 10/31/2025 $10,000,000 $10,000,000 $0 $13,246,354 $3,759,516
Security
Mesa Airlines, Passenger
Phoenix AZ 10/30/2020 10/30/2025 $195,000,000 $195,000,000 $0 $192,647,017 $39,260,126
Inc.5 Air Carrier
Ovation Travel Ticket
New York NY 10/15/2020 10/15/2025 $20,000,000 $20,000,000 $0 $20,294,156 $181,881
Group, Inc. Agent
Republic Passenger
Indianapolis IN 11/6/2020 11/6/2025 $58,000,000 $58,000,000 $0 $58,000,000 $1,622,308
Airways, Inc. Air Carrier
Semahtronix, National
Flippin AR 11/13/2020 11/13/2025 $1,999,100 $1,999,100 $0 $2,112,957 $777
LLC Security
9/29/2020
SkyWest Passenger (amended
St George UT 9/29/2025 $725,000,000 $60,000,000 $0 $60,000,000 $1,196,767
Airlines, Inc. Air Carrier 10/28/2020 and
1/15/2021)
Southern
Airways Passenger Pompano
FL 10/28/2020 10/28/2025 $1,838,501 $1,838,501 $0 $1,838,501 $188,254
Express, Air Carrier Beach
LLC
SpinLaunch, National
Long Beach CA 11/13/2020 11/13/2025 $2,519,200 $2,519,200 $0 $2,557,341 $1,150,426
Inc.6 Security
4
DETAILED FINANCIAL STATEMENT REFLECTING LOANS FULLY REPAID, TRANSFERRED OR UNCOLLECTIBLE
Total Total Total Repaid
Borrower Borrower Date of Loan Maturity Cash Interest
City2 State2 Authorized Disbursements3 Outstanding Loan Principal
Name Type1 Agreement Date Receipts
Loan Amount Loan Amount 4
Sun Country, Passenger
Minneapolis MN 10/26/2020 10/24/2025 $45,000,000 $45,000,000 $0 $46,182,421 $77,125
Inc. Air Carrier
Repair
Thomas Global
Station Irvine CA 11/9/2020 11/7/2025 $1,400,000 $1,400,000 $0 $1,530,278 $22,745
Systems, LLC
Operator
9/28/2020 (amended
United Airlines, Passenger 11/6/2020,
Chicago IL 9/26/2025 $7,491,000,000 $520,000,000 $0 $520,000,000 $9,517,733
Inc. Air Carrier 12/8/2020, and
1/15/2021)
Visual National
Austin TX 10/30/2020 10/30/2025 $1,053,200 $1,053,200 $0 $17,601 $11,722
Semantics, Inc.7 Security
Yellow National Overland
KS 7/7/2020 9/30/2024 $700,000,000 $700,000,000 $0 $737,042,757 $113,967,869
Corporation 8 Security Park
TOTAL $21,846,104,351 $2,633,104,351 $0 $2,675,961,267 $197,100,381
5
DETAILED FINANCIAL STATEMENT REFLECTING OUTSTANDING LOANS
Date of Total Total Repaid
Borrower Borrower Maturity Total Authorized Cash Interest
City2 State2 Loan Disbursements3 Outstanding Loan Principal
Name Type1 Date Loan Amount Receipts
Agreement Loan Amount 4
Aero Repair
Hydraulics, Station Fayetteville GA 10/26/2020 10/23/2025 $450,000 $450,000 $747,777 $0 $25,668
Inc. 9 Operator
Repair
Allflight
Station Kent WA 11/5/2020 11/5/2025 $4,721,260 $4,721,260 $362,921 $4,358,339 $1,830,774
Corporation
Operator
American Jet
Passenger
International Houston TX 11/5/2020 11/5/2025 $1,162,124 $1,162,124 $1,246,047 $0 $486,422
Air Carrier
Corporation
Aviation
Repair
Management
Station Fort Pierce FL 11/5/2020 11/5/2025 $4,026,705 $4,026,705 $4,977,401 $100,023 $1,146,890
& Repairs,
Operator
Inc.
Bristin Ticket
Fayetteville AR 10/26/2020 10/24/2025 $549,651 $549,651 $403,305 $235,598 $131,530
Travel, LLC10 Agent
Caribbean 11/5/2020
Passenger Virginia
Sun Airlines, FL (amended 11/5/2025 $6,768,749 $6,768,749 $10,460,337 $0 $660,000
Air Carrier Gardens
Inc.11 12/7/2020)
11/9/2020
Elite Airways, Passenger
Portland ME (amended 11/7/2025 $2,630,274 $2,630,274 $4,129,292 $0 $0
LLC 12 Air Carrier
12/1/2020)
6
DETAILED FINANCIAL STATEMENT REFLECTING OUTSTANDING LOANS
Date of Total Total Repaid
Borrower Borrower Maturity Total Authorized Loan Cash Interest
City2 State2 Loan Disbursements3 Outstanding Loan Principal
Name Type1 Date Amount Receipts
Agreement Loan Amount 4
Legacy
Cargo Air
Airways, Conroe TX 10/20/2020 10/20/2025 $1,817,306 $1,817,306 $0 $0
Carrier $3,127,88118
LLC13
Meridian
10/30/2020
Rapid National
Pasadena CA (amended 1/28/202619 $7,100,000 $7,100,000 $11,853,79218 $0 $233,799
Defense Security
10/30/2025)
Group, LLC14
oVio 11/2/2020
National Newport
Technologies, CA (amended 1/29/202619 $1,186,900 $1,186,900 $1,948,67418 $0 $75,845
Security Beach
Inc.15 10/31/2025)
Semantic AI, National
San Diego CA 11/13/2020 11/13/2025 $506,300 $506,300 $609,99218 $30,819 $145,202
Inc. Security
Space-Eyes, National
Camden NJ 11/12/2020 11/12/2025 $2,500,000 $2,500,000 $3,411,78418 $28,901 $387,213
Inc.16 Security
Repair
Timco Engine
Station Oscoda MI 11/5/2020 11/5/2025 $8,390,240 $8,390,240 $13,872,848 $0 $150,000
Center, Inc.17
Operator
Wiser 10/30/2020
National
Imagery Murfreesboro TN (amended 1/28/202619 $3,069,700 $3,069,700 $4,248,31018 $0 $974,985
Security
Services, LLC 10/30/2025)
TOTAL $44,879,209 $44,879,209 $61,400,361 $4,753,680 $6,248,327
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Note: Data are as of the date of this report.
Footnotes:
1. Only certain categories of entities were 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.
2. The locations provided are the addresses included by the borrowers in their applications and may not indicate all locations in which a borrower operates.
3. “Disbursements” includes all loan disbursements.
4. “Total Outstanding Loan Amount” includes all loan disbursements and increases of loan principal amount arising from payment-in-kind (PIK) interest and accrued unpaid interest, less any repayments of principal.
5. On October 24, 2025, Treasury sold its interests in the loan to an unaffiliated thirty party for $40.36 million. $39,847,069.41 of the purchase price is included under Total Repaid Loan Principal and $513,862.59 is
included under Cash Interest Receipts.
6. On August 26, 2025, SpinLaunch, Inc. repaid its loan in full. Treasury subsequently identified an administrative error that resulted in SpinLaunch paying $127,962.97 more than it should have. On September 29,
2025, Treasury returned this overpayment to SpinLaunch. The previous version of this report incorrectly indicated that SpinLaunch, Inc. had a Total Repaid Loan Principal amount of $2,557,341 and a Cash
Interest Receipts amount of $1,278,389.
7. Visual Semantics, Inc. filed for bankruptcy on March 2, 2023. Interest on its loan stopped accruing as of that date. The trustee for the bankruptcy estate of Visual Semantics, Inc. made a payment in the amount of
$17,601.13 on November 28, 2023, which was applied to the principal. The bankruptcy case concluded on January 8, 2024.
8. Yellow Corporation, formerly known as YRC Worldwide, Inc., received a loan that consisted of two tranches in the original principal amounts of $300 million and $400 million. Yellow Corporation repaid $230 in
principal on June 13, 2021. On August 6, 2023, Yellow Corporation and certain of its direct and indirect subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code, which resulted
in an event of default under and immediate acceleration of its loan. The bankruptcy estate of Yellow Corporation made principal repayments totaling $139,718,532 on December 21, 2023, and additional principal
repayments totaling $550,630,876 between January 5 and 25, 2024. On February 5, 2024, the bankruptcy estate of Yellow Corporation paid the remaining balance of the loan in full.
9. Aero Hydraulics, Inc. is in default on its loan due to failure to repay the full loan balance on the loan’s maturity date. The loan was accelerated on October 24, 2025.
10. Bristin Travel LLC is in default on its loan due to failure to repay the full loan balance due on the loan’s maturity date. The loan was accelerated on October 27, 2025.
11. Caribbean Sun Airlines, Inc. is in default on its loan due to failure to make certain payments required under its loan agreement. The loan was accelerated on October 10, 2023.
12. Elite Airways, LLC is in default on its loan due to failure to make certain payments required under its loan agreement. The loan was accelerated on October 6, 2025.
13. Legacy Airways, LLC is in default on its loan due to failure to make certain payments required under its loan agreement. The loan was accelerated on September 29, 2025.
14. Meridian Rapid Defense Group, LLC is in default on its loan due to failure to make certain payments required under its loan agreement.
15. oVio Technologies, Inc. is in default on its loan due to failure to make certain payments required under its loan agreement.
16. Space-Eyes Inc. is the successor by conversion to Channel Logistics, LLC. Space-Eyes is in default on its loan due to failure to make certain payments required under its loan agreement.
17. Timco Engine Center, Inc. is in default on its loan due to failure to make certain payments required under its loan agreement. The loan was accelerated on June 2, 2023.
18. The Total Outstanding Loan Amount for this loan has been adjusted to reflect the correction of an administrative error.
19. The original maturity date of this loan was extended by 90 days.
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