Story ID: 
Treasury Outlines Steps for PSP3 Funding
By: Kerry Lynch
Caption: NATA advised that the third round of the Payroll Support Program is available only to carriers who received the second round.
Word Count: 201
The U.S. Department of the Treasury has issued guidelines for air carriers and contractors to receive funding for the third extension of the Payroll Support Plan (PSP3) approved as part of the $1.9 trillion American Rescue Plan, according to the National Air Transportation Association (NATA). Approved this month, the American Rescue Plan set aside another $14 billion for air carriers and $1 billion for their contractors in PSP funding. It also extended the program, which was set to expire on March 31, until the end of September.

NATA advised that the Treasury Department can only provide PSP3 to air carriers and contractors that receive assistance under PSP2, provide air transportation or contractor functions as of March 31, and do not layoff, furlough, or reduce the pay of covered employees during the contracted period of PSP3. Recipients will not need to apply this time for the third round—Treasury is to contact PSP2 recipients to complete the necessary documentation and will provide the financial assistance in the same form and on the same terms and conditions as it did under PSP2.

NATA, working with Vedder Price’s David Hernandez, has developed a video to guide aviation businesses through the process.