Amtrak asks Congress for an additional nearly $1.5B, citing the coronavirus pandemic and associated economic effects.
Amtrak sent a letter to Congress seeking an additional $1.475 billion in supplemental funding in the next fiscal year, citing the coronavirus pandemic and associated economic effects. The money sought is in addition to its annual $2 billion grant request made earlier this year.
The letter says that in 2019 Amtrak and its state partners carried more than 32 million passengers and had been on pace for what it called another record-breaking year, but the pandemic changed that. Amtrak said it is working to shave $500 million from its operating costs, which includes reducing some service and restructuring its workforce.Nevadans could return to bars as soon as Friday, the governor said Tuesday in announcing the state's move into the next phase of reopening its economy.
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Amtrak says it needs another $1.5 billion bailout to survive the coronavirus crisis - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
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U.S. passenger railroad service Amtrak says needs new $1.5 billion bailoutU.S. passenger railroad service Amtrak told Congress in a letter made public Tuesday it needs a further $1.475 billion bailout or it will be forced to make sweeping service cuts and suspend some routes.
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Amtrak needs $1.5 billion bailout, prepares to cut up to 20% of workforceU.S. passenger railroad service Amtrak said on Tuesday it needs a further $1.475 billion bailout and disclosed plans to cut its workforce by up to 20% in the coming budget year.
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Amtrak to cut up to 20 percent of jobs by October due to pandemicAmtrak CEO Bill Flynn said in a memo to employees Tuesday that up to 20 percent of the company's workforce will be eliminated as an 'essential adjustment' to cope with financial fallout from the COVID-19 pandemic.
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Amtrak needs $1.5 billion bailout, prepares to cut up to 20% of workforceU.S. passenger railroad service Amtrak said on Tuesday it needs a further $1.475 billion bailout and disclosed plans to cut its workforce by up to 20% in the coming budget year.
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