1. Please clarify the desired and realistic timetable for relief from both airports and Congress...realizing that airports are more capable to provide more timely relief/concessions.
ARRA and AMAC have requested from U.S. airports immediate relief in the form of a 12-month rent waiver. We also requested from Congress $2.5 billion in funds to support rent abatement that we had hoped would come in the CARES Act which was approved by Congress on March 27, 2020. While direct financial relief for airport concessions operators did not make it into this bill, it is expected that there will be a follow-up stimulus package and we are again lobbying for concessions rent financial relief, as well as zero and low interest loans and loan guarantees ($3 billion) , and recovery relief funds ($3 billion) to support concessionaires’ debt payments, capital investment obligations, and operations. We expect Congress will try to move quickly to pass more relieve/stimulus bills, but it may be 3 to 4 weeks or longer before we will know the outcome of these efforts.
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Date of Article: March 25, 2020