CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC.com's Leslie Josephs lays out the stakes for the airline industry, which will run out of federal bailout funds at the end of the month. Plus, CNBC.com's Annie Palmer breaks down Amazon's disavowal of Echelon's 'Prime Bike.'
Southwest Airlines CEO Gary Kelly on Wednesday said he is optimistic that Congress can pass a national coronavirus relief package that includes airline aid despite a monthslong impasse between lawmakers and the White House.
Airlines earlier this year received $25 billion in federal payroll support which prohibits job cuts and requires minimum service levels through Sept. 30.
With that date a week away, airline CEOs, including Kelly, have met with government officials and lawmakers in Washington in a last-minute plea for additional aid for the sector struggling with demand at less than a third of last year's levels because of the pandemic. Like other airline chiefs, Kelly said the carrier doesn't expect a strong rebound in air travel anytime soon.
Amazon is distancing itself from the $500 "EX-Prime" bike launched by exercise equipment maker Echelon Fitness, after the product was incorrectly marketed as a collaboration between the two companies.
Echelon on Tuesday announced the so-called Prime bike, calling it "Amazon's first-ever connected fitness product" that was "developed in collaboration with Amazon." The move was widely heralded as Amazon's first foray into the smart bike market and caused shares of exercise bike maker Peloton to fall as much as 6% on Tuesday.
With around 13 million Americans unemployed and thousands of businesses permanently closed across the U.S., experts warn that more stimulus will be needed for economic recovery amid the ongoing pandemic.
Cuban says that all American households, no matter their income level, should receive a $1,000 stimulus check every two weeks for the next two months. He proposed this same idea in May and says "I still believe in doing it the exact same way" today.