Industry Leaders Praise Passage of More Relief Funding see more
Industry groups welcomed U.S. congressional approval this week of additional funding for the Paycheck Protection Program (PPP), saying it provides the opportunity for much-needed relief for small aviation businesses. The nearly $500 billion measure—which included more than $300 billion to replenish the depleted PPP fund with $60 billion set aside for small lenders—passed the House yesterday, following Senate passage on Tuesday.
“We are very pleased to see Congress respond to the continuing, highly challenging needs of many small businesses and their employees,” said NBAA president and CEO Ed Bolen.
Noting the majority of Helicopter Association International’s membership comprises small businesses, HAI president and CEO James Viola added, “Like most small businesses around the world, they are suffering from the effects of the economic disruption caused by the Covid-19 pandemic.”
The business and general aviation community have been working to ensure Congress understands the harm the Covid-19 pandemic is having on the industry and continues to seek further assistance as Congress considers future measures.
This is particularly true as smaller carriers are still struggling to obtain resources for that and funding that was specifically set aside for aviation. “We are hearing stories of difficulties with the PPP and the Air Carrier Worker Support Program,” NATA president and CEO Timothy Obitts said, adding the organization is continuing to educate and push for access to all available relief programs.
“As Congress considers additional legislation related to the Covid-19 pandemic, NATA has already begun discussions with key policymakers regarding the need for additional support for our industry,” said Jonathon Freye, NATA vice president of government and public affairs.
Alluding to a possible fifth economic stimulus package, HAI pointed to “much-needed additional funding,” and said it would continue to impress upon Congress the importance of keeping the industry viable.
This article was originally published by AINonline on April 24, 2020.
NBAA Welcomes Treasury’s COVID-19 Accommodations for Charter Companies see more
Washington, DC, April 10, 2020 – Today, the National Business Aviation Association (NBAA) applauded guidance from the Department of the Treasury, ensuring that qualifying passenger air carriers – including many small charter operators in NBAA’s membership – have more flexible access to the Payroll Support Program contained in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Through this program, air carriers can apply for support to continue paying employees during the COVID-19 pandemic.
During the debate on the CARES Act, NBAA led a significant effort to ensure that general aviation air carriers, such as FAR Part 135 operators, were eligible for this relief. NBAA’s effort led to the inclusion of general aviation in crucial provisions of the CARES Act.
The new guidance provided by the Treasury Department recognizes the critical role general aviation air carriers play in the nation’s transportation system, and states that operators receiving less than $100 million of payroll assistance are not required to provide financial instruments to the government.
Air carriers receiving payroll support must meet minimum service requirements, limit any share buybacks, follow executive compensation limits and refrain from involuntary furloughs; however, the provision of financial instruments to the government as appropriate compensation is no longer required.
In a March 31 letter to Secretary Mnuchin, NBAA explained that initial guidance on the payroll support program presented challenges for general aviation businesses, as specific requirements were structured for the major scheduled airlines. Review the letter to Secretary Mnuchin. The additional guidance issued today responds directly to these concerns, and provides essential flexibility for general aviation air carriers seeking payroll support.
The Treasury Department noted that the majority of payroll support requests received from small air carriers are for less than $10 million, and that funds will be available promptly upon approval of their applications.
“We appreciate the significant efforts of Treasury Secretary Mnuchin and Transportation Secretary Chao to understand the unique financial challenges of general aviation air carriers and provide additional flexibility while ensuring that taxpayers are properly compensated,” said NBAA President & CEO Ed Bolen. “These companies are often small and mid-sized businesses, which support jobs and economic investment in their local communities.”
Contact: Dan Hubbard, 202-783-9360, email@example.com
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Founded in 1947 and based in Washington, DC, the National Business Aviation Association (NBAA) is the leading organization for companies that rely on general aviation aircraft to help make their businesses more efficient, productive and successful. The association represents more than 11,000 companies and professionals and provides more than 100 products and services to the business aviation community, including the NBAA Business Aviation Convention & Exhibition (NBAA-BACE), the world’s largest civil aviation trade show. Learn more about NBAA at nbaa.org.
Members of the media may receive NBAA Press Releases immediately via email. To subscribe to the NBAA Press Release email list, submit the online form.
This release was originally published by NBAA on April 10, 2020.
Bolen Sternly Questions CNBC’s Recent Mischaracterization of Business Aviation see more
NAFA member, NBAA President and CEO Ed Bolen responded strongly this week to a recent CNBC article about the general aviation community’s collective request for inclusion in a congressional COVID-19 relief package, saying the network’s coverage was based on a “pre-determined narrative” that cast the industry with a negative brush, while ignoring the reality of its pressing economic challenges.
Bolen cited the pandemic’s impact on business aviation operations large and small, from the sweeping furloughs and layoffs at OEMs, maintenance facilities and other aviation businesses, to dwindling traffic at business aviation airports.
Bolen also emphasized the industry’s efforts to support relief efforts against the pandemic, citing a family-owned maintenance company that has converted some of its operations over to production of protective face masks for humanitarian purposes.
“All of this points to the larger picture missed in your report: As the U.S. economy moves rapidly from slowdown to shutdown, this critical industry, like countless others, is in need of support,” Bolen wrote. “By settling for sizzle over substance in a time of national crisis, CNBC is not only misinforming readers, but also attempting to smear a vital industry with a long history of serving the nation, and thousands of communities in times of need.”
This article was originally published by NBAA on March 26, 2020.
National Aircraft Finance Association held its 47th Annual Conference in Coronado, California from May 15-18, 2018NAFA held it's 47th Annual Conference in Coronado, CA from May 15-18, 2018 see more
Coronado, CA., May 25, 2018 – #NAFA47 - The National Aircraft Finance Association (NAFA) held its 47thAnnual Conference May 15-18, 2018 with a record-setting number of member representatives attending. The conference was held at the Hotel del Coronado in San Diego, CA. The four-day event included a 1-day NAFA Aircraft Education Program, a Vendor Forum, Annual Business Meeting and a wide array of aviation and finance-specific Sessions.
With over 240 attendees and $9,380 in donations towards NAFA scholarship fund, this event exceeded expectations! “Year over year, we continue to see marked growth in the Conference”, commented NAFA President Ford von Weise. “Many thanks for our dynamic speakers who kept discussions lively and engaging.”
Keynote speaker this year was John Heilemann, a political reporter, National Affairs Analyst for NBC and MSNBC, Best Selling Author, and Executive Producer of Showtime’s The Circus. He spoke about Donald Trump’s Washington, the Fallout from the 2016 election, and the new realities of our political climate.
Economic Analyst, Dr. LaVaughn M. Henry, spoke to the audience about the state of the U.S. Economy and Monetary Policy. Dr. Henry is a policy analyst for the Federal Deposit Insurance Corporation (FDIC) and Former Vice President of the Federal Reserve Bank of Cleveland and provided insight on the elements influencing our economy today and their potential impact over the next few years.
General session discussions included The State of the Aviation Industry in 2018 headlined by Ed Bolen (President, NBAA), Pete Bunce (President, GAMA) and Marty Hiller (President, NATA). Additional sessions included The Great Financial Meltdown and its impact on the Aviation Industry; a New Aircraft Showcase with presentations by ICON, Textron, Dassault and Aerion; an update on activity in the pre-owned aircraft sales market, and a session on the New Tax Law and its impact in Business Aviation & Lending.
A special THANK YOU to ICON Aircraft who was generous enough to display their ICON A5 on the lawn oceanfront at the hotel during the NAFA Cocktail Reception. This was a first for the hotel and it’s 130-year history and a huge hit for not only NAFA members but the guests at Del Coronado also enjoyed this display!
NAFA would like to thank the conference sponsors: Gold Sponsors– Insured Aircraft Title Services, Global Jet Capital, JetAviation, JSSI, and Rolls-Royce. Silver Sponsors– Aero-Space Reports, Aircraft BlueBook, AIC Title Service, Airfleet Capital Inc., Aircraft Finance Corporation, Aviation Management Systems, AOPA, Asset Insight, Dassault Falcon Jet, Essex Aviation, GKG Law, LL Johns Insurance, PNC Aviation Finance, Salem Five, Scope Aircraft Finance, and Vref. Bronze Sponsors– Aerlex, Aviation Legal Group, Bank of America, Dorr Aviation, Huntington National Bank, NAFCO, Stonebriar Commercial Finance and Wright Brothers Aircraft Title.
The National Aircraft Finance Association (NAFA) is a non-profit corporation dedicated to promoting the general welfare of individuals and organizations providing aircraft financing and loans secured by aircraft; to improving the industry’s service to the public; and to providing our members with a forum for education and the sharing of information and knowledge to encourage the financing, leasing and insuring of general aviation aircraft. For more information about NAFA, visit the website at www.NAFA.aero
Leading Economist & Aviation Industry Powerhouses at the 48th Annual Conference see more
NAFA is pleased to announce that Dr. LaVaughn M. Henry is returning to our Annual Conference as the guest speaker on economy. Dr. Henry is a Policy Analyst in the Banking and Regulatory Policy Section at the FDIC and will discuss the Status and Outlook of the U.S. Economy and Monetary Policy on Tuesday, March 5th, 2019, from 9:30-10:30 am.
We are also happy to welcome aviation powerhouses Mark Baker, President, Aircraft Owners & Pilots Association (AOPA), and Ed Bolen, President, National Business Aviation Association (NBAA) for the State of the Aviation Industry, moderated by Ford von Weise, Director-Head of Global Aircraft Finance, Citi Private Bank. Come hear what these industry leaders have to say on Tuesday, March 5th, 2019, from 10:45 am to noon. Click here for the full program agenda.