Air travel is down 75% this summer due to the coronavirus pandemic, and as major airlines are set to release their Q2 financials to shareholders later this week, some carriers are selling fares at previously unheard of prices.

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Jet Blue is the latest major airline carrier to announce a deeply discounted summer fare promotion. How deep of a discount? Basically, it's like the Payless Shoes days -- BOGO baby.

This comes less than a month after Southwest slashed some fares to $39, which Barron's claims to have triggered a price war meant to benefit travelers, and beef up Q3 earnings for major carriers.

To take advantage of the promotion, you must book by July 27, and book both round-trip tickets along with a hotel reservation booked through Jet Blue. Use the promo code 'BOGO' and the cost of one of the flights is comped.

There are some restrictions including traveling in a certain time frame, and avoiding specific blackout dates; to get the free flight, you must book a minimum 3-night hotel stay. Get all the details here.

Market analysts predict this September could be the worst on record for airlines.

Traditionally, air travel slows after Labor Day, and picks up again in the fall with business travel. Given travel restrictions and the mass migration to virtual meeting platforms like Zoom, business travel is expect to remain far lower than in previous years.