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Prepare to apply for fiscal aid, U.S. transport dept. tells aviation industry

April 14 (Reuters) - The U.S. Transportation Department said on Wednesday businesses eligible for funding under the Aviation Manufacturing Jobs Protection program should begin preparing for the application process.

Businesses that are engaged in aircraft manufacturing, maintenance and repair can avail funding under the program to pay for up to half the compensation costs for certain categories of employees for up to six months, the department said.

It added that the companies then cannot involuntarily furlough or lay off those employees for the said time period.

The aviation sector has been impacted by travel restrictions around the world due to the COVID-19 pandemic, however, rising vaccination rates are widely expected to lead a recovery this year.

The department estimates that thousands of businesses may be eligible to receive funding through this program for which the maximum amount available is $3 billion. (Reporting by Shreyasee Raj in Bengaluru; Editing by Amy Caren Daniel)