Not later than October 1, 2020, the President shall submit to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate a report on the financial status of the air carrier industry, including a description of each grant or loan issued under section 101. (b) Update Not later than the last day of the 1-year period following the date of enactment of this Act, the President shall update and submit to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate the report described in subsection (a). 105. Coordination In implementing this title with respect to air carriers, the Secretary shall coordinate with the Secretary of Transportation. II Labor Protections 201. Assistance irrespective of labor costs The President, or any department, agency, or actor of the Federal government, may not condition the provision of any financial assistance under section 101(a) of this division or section 13 of the Federal Reserve Act ( 12 U.S.C. 261 et seq.) on an air carrier’s implementation of measures to reduce labor costs or to enter into negotiations with the certified bargaining representative of a craft or class of employees of the air carrier under section 2 of the Railway Labor Act ( 45 U.S.C. 152 ) regarding pay or other terms and conditions of employment. 202. Collective bargaining and snap-back (a) In general Notwithstanding any other provision of law, any contractual relief or reduction to rates of pay, rules, and working conditions agreed to by the authorized representatives of the employees of an air carrier, or otherwise imposed on such employees, during or as result of the pandemic of the coronavirus COVID–19 by an air carrier that receives financial assistance under section 101 shall be terminated within 6 months, unless the authorized representatives of the employees choose to make an alternative agreement with the air