Boeing Requests $60 Billion in Aid for Aerospace Industry Hit Hard by Coronavirus Pandemic
There is no doubt that Boeing has been struggling as of late. The firm was first hit with the fallout of two fatal crashes of its 737 Max, and now the coronavirus SARS CoV-2 has significantly slowed down flights.
That's why the company is now requesting $60 billion in government support, according to CNBC. Luckily for the firm, U.S. President Donald Trump has said he will provide support for the company.
“I think we have to protect Boeing,” the President said at a press conference. “Obviously when the airlines aren't doing well, then Boeing is not going to be doing well. So we'll be helping Boeing."
“We appreciate the support of the president and the administration for the 2.5 million jobs and 17,000 suppliers that Boeing relies on to remain the number one U.S. exporter, and we look forward to working with the administration and Congress as they consider legislation and the appropriate policies,” Boeing said in a statement.
Boeing further added that the funds could come in the form of loan guarantees and seemed optimistic about the future of air travel.
"The long term outlook for the industry is still strong, but until global passenger traffic resumes to normal levels, these measures are needed to manage the pressure on the aviation sector and the economy as a whole,” Boeing said.
However, the aid might be a controversial one. Right now, any taxpayer-funded help for Boeing is bound to be met with criticism, as the world is still angry about the firm's fatal crashes.
This may be why the company stressed in its statement that any aid received would flow through to its suppliers and would be used to support the U.S. aerospace industry as a whole.
What do you think of Trump's decision to support Boeing? Is it a way to keep one the aerospace industry alive and support the aerospace industry?