SkyWest to Receive $250 million through Payroll Support Program 3 Under the American Rescue Plan Act of 2021
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ST. GEORGE, Utah, April 23, 2021 /PRNewswire/ -- SkyWest, Inc. (NASDAQ: SKYW) ("SkyWest") today announced that its wholly-owned subsidiary SkyWest Airlines has entered into a Payroll Support Program 3 Agreement with the U.S. Treasury Department to receive a total of approximately $250 million under the American Rescue Plan Act of 2021. SkyWest received half of the $250 million on April 23, 2021 and expects to receive the remaining funding during the second quarter of 2021. In consideration for the funding, approximately $45 million will be in the form of a ten-year, low interest unsecured term loan, and SkyWest will issue to the U.S. Treasury Department ("Treasury") warrants to purchase approximately 78,317 shares of SkyWest common stock at a strike price of $57.47.