The newly-enacted Coronavirus Aid, Relief, and Economic Security Act authorizes more than $50 billion in financial assistance for passenger air carriers (and related businesses), cargo air carriers and contractors in the form of loans, loan guarantees, grants and tax relief, subject to significant restrictions on capital allocation, employee retention and compensation and other conditions (including the issuance of warrants or other instruments to the U.S. government). This memorandum summarizes the provisions of the CARES Act that are most relevant to the aviation industry. Aviation companies that are considering applying for relief under the CARES Act should carefully consider the conditions for receiving assistance (and the limitations on future business activities and flexibility these conditions may impose) in relation to their current business outlook, liquidity position and capital allocation strategy.