Amtrak Seeks $1.5 Billion Bailout

Amtrak Seeks $1.5 Billion Bailout
Amtrak is preparing to cut its workforce amid a downturn in business caused by the coronavirus

Railroad company Amtrak says it needs a $1.5 billion bailout to remain in business. Amtrak's CEO says ridership and ticket revenue have dropped by 95% since the pandemic began. The company has already received  $1 billion in emergency funding to stay afloat. 

Amtrak says it plans to cut 20 percent of its workforce in the next fiscal year. Those cuts are expected to begin in October.

Amtrak is a government-owned corporation that employs 18,000 people across the country.