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SkyWest Airlines enters into a Payroll Support Program 3 Agreement with the U.S. Treasury Department | eTurboNews | Trends | Travel News Online | Airline News
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.
Alaska Air (ALK) Q1 Loss Narrower than Expected, Revenues Beat Zacks.com 8 hrs ago
Alaska Air Group ALK, the parent company of Alaska Airlines, incurred a loss (excluding $2.46 from non-recurring items) of $3.51 per share, narrower than the Zacks Consensus Estimate of a loss of $3.71. In the year-ago quarter, the company incurred a loss of 82 cents. Results were hurt by significant decline in passenger revenues as coronavirus keeps air-travel demand suppressed.
Revenues at Alaska Air came in at $797 million, surpassing the Zacks Consensus Estimate of $787.1 million. The top line, however, declined 51.3% year over year. Passenger revenues contributing 82.7% to the top line were down 56% year over year to $659 million due to weak travel demand.