15 U.S.C. § 9094 — Required assurances

Page 2551 TITLE 15—COMMERCE AND TRADE § 9094 (A) the amount such air carrier was ap- proved to receive (without taking into ac- count any pro rata reduction) under section 9073 of this title, plus an additional 15 per- cent of such amount; (B) at the request of such air carrier, pro- vided such air carrier received assistance under section 9073 of this title, the sum of— (i) the amount that such air carrier cer- tifies, using sworn financial statements or other appropriate data, as the amount of total salaries and related fringe benefits that such air carrier incurred and would be required to be reported to the Department of Transportation pursuant to such part 241, if such air carrier was required to transmit such information during the pe- riod from April 1, 2019, through September 30, 2019; and (ii) an additional amount equal to the difference between the amount certified under clause (i) and the amount the air carrier received under section 9073 of this title; or (C) in the event such air carrier did not re- ceive assistance under section 9073 of this title, an amount that such an air carrier cer- tifies, using sworn financial statements or other appropriate data, as the amount of total salaries and related fringe benefits that such air carrier incurred and would be required to be reported to the Department of Transportation pursuant to such part 241, if such air carrier was required to transmit such information during the period from Oc- tober 1, 2019, through March 31, 2020; and (3) to a contractor in an amount equal to— (A) the amount such contractor was ap- proved to receive (without taking into ac- count any pro rata reduction) under section 9073 of this title; or (B) in the event such contractor did not re- ceive assistance under section 9073 of this title, an amount that the contractor cer- tifies, using sworn financial statements or other appropriate data, as the amount of wages, salaries, benefits, and other com- pensation that such contractor paid the em- ployees of such contractor during the period from October 1, 2019, through March 31, 2020. (b) Deadlines and procedures (1) In general (A) Forms; terms and conditions Financial assistance provided to a pas- senger air carrier or contractor under this part shall— (i) be, to the maximum extent prac- ticable, in the same form and on the same terms and conditions (including require- ments for audits and the clawback of any financial assistance provided upon failure by a passenger air carrier or contractor to honor the assurances specified in section 9094 of this title), as agreed to by the Sec- retary and the recipient for assistance re- ceived under section 9073 of this title, ex- cept if inconsistent with this part; or (ii) in the event such a passenger air car- rier or a contractor did not receive assist- ance under section 9073 of this title, be, to the maximum extent practicable, in the same form and on the same terms and con- ditions (including requirements for audits and the clawback of any financial assist- ance provided upon failure by a passenger air carrier or contractor to honor the as- surances specified in section 9094 of this title), as agreed to by the Secretary and similarly situated recipients of assistance under section 9073 of this title. (B) Procedures The Secretary shall, to the maximum ex- tent practicable, publish streamlined and ex- pedited procedures not later than 5 days after December 27, 2020, for passenger air carriers and contractors to submit requests for financial assistance under this part. (2) Deadline for immediate payroll assistance Not later than 10 days after December 27, 2020, the Secretary shall make initial pay- ments to passenger air carriers and contrac- tors that submit requests for financial assist- ance approved by the Secretary. (3) Subsequent payments The Secretary shall determine an appro- priate method for the timely distribution of payments to passenger air carriers and con- tractors with approved requests for financial assistance from any funds remaining available after providing initial financial assistance payments under paragraph (2). (c) Pro rata reductions The Secretary shall have the authority to re- duce, on a pro rata basis, the amounts due to passenger air carriers and contractors under subsection (a) in order to address any shortfall in assistance that would otherwise be provided under such subsection. (d) Audits The Inspector General of the Department of the Treasury shall audit certifications made under subsection (a). (Pub. L. 116–260, div. N, title IV, § 403, Dec. 27, 2020, 134 Stat. 2053.) Editorial Notes REFERENCES IN TEXT This part, referred to in subsecs. (a) and (b)(1), was in the original ‘‘this subtitle’’, meaning subtitle A (§§ 401–412) of title IV of div. N of Pub. L. 116–260, Dec. 27, 2020, 134 Stat. 2052, which enacted this part and amended sections 9041, 9071, and 9074 of this title. For complete classification of subtitle A to the Code, see Tables. CODIFICATION Section was enacted as part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and also as part of the Consolidated Appropria- tions Act, 2021, and not as part of the CARES Act which in part comprises this chapter. § 9094. Required assurances (a) In general To be eligible for financial assistance under this part, a passenger air carrier or a contractor Page 2552 TITLE 15—COMMERCE AND TRADE § 9095 shall enter into an agreement with the Sec- retary, or otherwise certify in such form and manner as the Secretary shall prescribe, that the passenger air carrier or contractor shall— (1) refrain from conducting involuntary fur- loughs or reducing pay rates and benefits until— (A) with respect to passenger air carriers, March 31, 2021; or (B) with respect to contractors, March 31, 2021, or the date on which the contractor ex- pends such financial assistance, whichever is later; (2) ensure that neither the passenger air car- rier or contractor nor any affiliate of the pas- senger air carrier or contractor may, in any transaction, purchase an equity security of the passenger air carrier or contractor or the parent company of the passenger air carrier or contractor that is listed on a national securi- ties exchange through— (A) with respect to passenger air carriers, March 31, 2022; or (B) with respect to contractors, March 31, 2022, or the date on which the contractor ex- pends such financial assistance, whichever is later; (3) ensure that the passenger air carrier or contractor shall not pay dividends, or make other capital distributions, with respect to common stock (or equivalent interest) of the air carrier or contractor through— (A) with respect to passenger air carriers, March 31, 2022; or (B) with respect to contractors, March 31, 2022, or the date on which the contractor ex- pends such financial assistance, whichever is later; and (4) meet the requirements of sections 9095 and 9096 of this title. (b) Recalls of employees An agreement or certification under this sec- tion shall require a passenger air carrier or con- tractor to perform the following actions: (1) In the case of a passenger air carrier or contractor that received financial assistance under title IV of the CARES Act [15 U.S.C. 9041 et seq., 9071 et seq.] — (A) recall (as defined in section 9091 of this title), not later than 72 hours after executing such agreement or certification, any em- ployees involuntarily furloughed by such passenger air carrier or contractor between October 1, 2020, and the date such passenger air carrier or contractor enters into an agreement with the Secretary with respect to financial assistance under this part; (B) compensate returning employees for lost pay and benefits (offset by any amounts received by the employee from a passenger air carrier or contractor as a result of the employee’s furlough, including, but not lim- ited to, furlough pay, severance pay, or sepa- ration pay) between— (i) in the case of a passenger air carrier, December 1, 2020, and the date on which such passenger air carrier enters into an agreement with the Secretary with respect to financial assistance under this part; or (ii) in the case of a contractor, December 27, 2020, and the date on which such con- tractor enters into an agreement with the Secretary with respect to financial assist- ance under this part; and (C) restore the rights and protections for such returning employees as if such employ- ees had not been involuntarily furloughed. (2) In the case of a passenger air carrier or contractor that did not receive financial as- sistance under title IV of the CARES Act [15 U.S.C. 9041 et seq., 9071 et seq.] to— (A) recall (as defined in section 9091 of this title), within 72 hours after executing such agreement or certification, any employees involuntarily furloughed by such passenger air carrier or contractor between March 27, 2020, and the date such passenger air carrier or contractor enters into an agreement with the Secretary for financial assistance under this part; (B) compensate returning employees under this paragraph for lost pay and benefits (off- set by any amounts received by the em- ployee from a passenger air carrier or con- tractor as a result of the employee’s fur- lough, including, but not limited to, fur- lough pay, severance pay, or separation pay) between— (i) in the case of a passenger air carrier, December 1, 2020, and the date such pas- senger air carrier enters into an agree- ment with the Secretary for financial as- sistance under this part; or (ii) in the case of a contractor, December 27, 2020, and the date on which such con- tractor enters into an agreement with the Secretary with respect to financial assist- ance under this part; and (C) restore the rights and protections for such returning employees as if such employ- ees had not been involuntarily furloughed. (Pub. L. 116–260, div. N, title IV, § 404, Dec. 27, 2020, 134 Stat. 2055.) Editorial Notes REFERENCES IN TEXT This part, referred to in text, was in the original ‘‘this subtitle’’, meaning subtitle A (§§ 401–412) of title IV of div. N of Pub. L. 116–260, Dec. 27, 2020, 134 Stat. 2052, which enacted this part and amended sections 9041, 9071, and 9074 of this title. For complete classifica- tion of subtitle A to the Code, see Tables. Title IV of the CARES Act, referred to in subsec. (b), is title IV of div. A of Pub. L. 116–136, Mar. 27, 2020, 134 Stat. 469, which is classified principally to parts A (§ 9041 et seq.) and B (§ 9071 et seq.) of this subchapter. For complete classification of title IV to the Code, see Tables. CODIFICATION Section was enacted as part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and also as part of the Consolidated Appropria- tions Act, 2021, and not as part of the CARES Act which in part comprises this chapter. § 9095. Protection of collective bargaining agree- ments (a) In general Neither the Secretary, nor any other actor, de- partment, or agency of the Federal Government,