American, United Cut 32,000 Jobs as Government Support Ends

American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) plan to proceed with a combined 32,000 job cuts after a Sept. 30 deadline passed without lawmakers agreeing to provide additional payroll support to the airline industry.

The airlines were hit hard by COVID-19, but the industry received $50 billion under the CARES Act to boost liquidity and support payroll. As a condition of the payroll support, airlines were prohibited from doing layoffs through Sept. 30.

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Source Fool.com