Boeing has released a statement following the passing of the CARES (Coronavirus Aid, Relief, and Economic Security) Act. The stimulus package pledges billions in funding for the US aviation sector.
“We thank the Administration, especially the President and Secretary Mnuchin, as well as the Senate for working together to take swift bipartisan action to support the American economy, including the 2.5 million jobs and 17,000 suppliers that Boeing, the aerospace industry and the US rely on to maintain our world leadership in commercial, defense and services”, the company stated on 26 March.
Boeing says the bill’s access to public and private liquidity, including loans and loan guarantees, is critical for the recovery of the aviation sector, including airlines, airports, suppliers and manufacturers.
Boeing’s key priority is to protect its employees and support its extensive supply chain, the company stated, adding that the CARES Act will help provide adequate measures to enable addressing the pandemic.
“We have also taken a number of measures for affordability and liquidity as we navigate the challenges our industry currently faces, including forgoing pay for our CEO and board chairman, suspending our dividend until further notice, and extending our existing pause of any share repurchasing until further notice”, the company stated.
“We appreciate the House taking swift action to support the American people.”
Temporary suspension of production
Boeing has temporarily suspended its Puget Sound production operations. The company says the suspension is put in place in light of the state of emergency in Washington state and the company’s continuous assessment of the accelerating spread of the coronavirus in the region.
Over the period, Boeing will be conducting additional deep cleaning activities at impacted sites and establishing rigorous criteria for return to work.
Find out more about the steps Boeing is taking to navigate the covid-19 crisis.