SkyWest Suspends Dividends and Buybacks as It Seeks Federal Grants [TheStreet.com]
Southwest Airlines Company (LUV)
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Source: TheStreet.com
SkyWest(SKYWGet ReportIn a statement, the St. George, Utah, carrier said that on April 3 it applied for federal payroll support grants under the Cares (Coronavirus Aid, Relief, and Economic Security) Act.The regional airline said it was also suspending dividend payments and share buybacks.The coronavirus has triggered a plunge in flight demand, with a 50% drop expected in April "with completed flights well off historic norms," the airline said. SkyWest said it also expects May "to be down slightly more than April."A slew of major carriers have also applied for relief money under the Cares Act, including Spirit, United, American, Delta, Southwest and JetBlue.The $2 trillion federal economic rescue package set aside $50 billion for the battered airline industry, with half the money targeted for payroll grants.The Regional Airline Association has been pushing the U.S. Treasury Department to ensure that smaller airlines that handle short-haul routes for the big carriers are able to get ad
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