Mesa Air borrows millions through CARES Act to navigate 'volatile times'

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Posted at 10:13 AM, Nov 03, 2020
and last updated 2020-11-03 12:13:31-05

Phoenix-based Mesa Air Group Inc. has entered into a five-year loan agreement to borrow up to $200 million from the U.S. Treasury Department, the company announced Monday in a filing with the SEC.

The loan is available as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, which was passed by Congress at the end of March.

Mesa Air Group, the parent company of Mesa Airlines, which operates flights for both American Airlines and United Airlines and recently started flying cargofor DHL Express, borrowed $43 million from the government on Oct. 30.

It has until Dec. 15 to decide if it will borrow any more of the additional $157 million that is available to it.

Read more from the Phoenix Business Journal.