By Yasin Ebrahim
Investing.com - The White House is mulling an $800 billion stimulus package to support airlines battered by a fall in travel demand amid ongoing the Covid-19 crisis, CNBC reported Monday, citing White House chief economic advisor Larry Kudlow.
The potential proposals would include a payroll tax cut, which would account for about half, or about $400 billion, of the stimulus package. A 100% tax deduction for U.S. companies relocating supply chains from China and an airline assistance package would also form part of the financial assistance initiatives.
On the heels of the report, The Wall Street Journal reported that U.S. carriers were in talks to obtain as much as $50 billion in financial assistance.
"The exact form of the aid-and the amount-that carriers are seeking is under discussion, and could include government-backed loans, cash grants or other measures including relief from taxes and fees," the Journal reported, citing sources.