The airlines also have plenty of access to credit, collateralized by their airplanes. The loan portion of the bailout, from my understanding, is contingent upon them using up all those lines (which they haven't, both Delta & United were each able to borrow $2B in March in preparation for the shutdown). E.g. United borrowed $2B from JPMorgan Chase https://ir.united.com/static-files/fafc24ea-c999-4dc7-b6b3-d...