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Re:

SkyWest’s $233 Million Payroll-Support Agreement Was Announced in January 2021

SkyWest’s roughly $233 million Treasury agreement, announced January 15, 2021, combined payroll support with a ten-year loan and warrants; it was not a new award.
From TheFinanceBase Team3 min to read
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SkyWest announced a roughly $233 million agreement with the U.S. Treasury on January 15, 2021—not a new award. The package was part of the federal Payroll Support Program Extension, intended to support airline workers’ payroll, and it included a loan and warrants rather than being entirely a grant.

What SkyWest’s $233 million agreement included

SkyWest, Inc. said its wholly owned subsidiary, SkyWest Airlines, had entered a Payroll Support Program Extension Agreement under the Consolidated Appropriations Act, 2021. The company described the package as approximately $233 million. Its announcement identified these components:

Component Amount or terms What it means
Payroll support Part of the approximately $233 million agreement; the release did not state a separate amount for this component. Federal support under the program, which was intended to help cover airline payroll.
Term loan Approximately $40 million; unsecured, low-interest, and repayable over ten years. This portion was debt, not a grant.
Treasury warrants Warrants to purchase approximately 98,815 shares of SkyWest common stock at a $40.41 strike price. Warrants gave Treasury the right to buy shares at the stated price; they were not a cash grant to SkyWest.

The company’s release does not break out the exact dollar value of the payroll-support portion or describe the later disposition of the warrants. The full agreement amount therefore should not be characterized as an all-grant payment.

When the money was expected to arrive

SkyWest said it received half of the approximately $233 million on January 15, 2021, and expected the other half in February. The January announcement establishes that expectation, but does not by itself verify that the second installment was subsequently received. SkyWest’s January 15, 2021 announcement gives the company’s account of the agreement and timing.

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Why the federal program provided payroll support

The Treasury described the second Payroll Support Program round, or PSP2, as payroll support for airline workers. The law authorized up to $16 billion for passenger air carriers and contractors. Treasury said carriers provided notes and warrants as protections for taxpayers. That program-wide cap was not SkyWest’s individual award; SkyWest’s announced agreement was approximately $233 million.

In its January 15, 2021 announcement, Treasury Secretary Steven T. Mnuchin said, “The Payroll Support Program provided critical support to the aviation industry and its workers,” Treasury’s PSP2 announcement describes the program and its purpose.

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How this differs from SkyWest’s separate CARES Act loan

SkyWest Airlines also had a separate loan commitment under the CARES Act. Treasury’s October 2022 report says the loan was authorized for up to $573 million and later increased by $152 million. The report says SkyWest repaid all outstanding principal and interest on May 10, 2021. This was a distinct loan program, not the same agreement as the approximately $233 million Payroll Support Program Extension package.

Treasury’s CARES Act Section 4003 Loan Program Report documents the commitment history and repayment.

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The agreement is historical, not a current aid award

The announcement concerns a 2021 agreement. Treasury’s program overview says the three Payroll Support Program rounds awarded $59 billion across the domestic aviation industry and that closeout activities for approximately 641 large and small recipient businesses were completed by May 2024. Those figures describe the programs overall, not SkyWest’s individual package.

SkyWest Airlines is a wholly owned subsidiary of SkyWest, Inc. The company’s current media information describes its partnerships with United Airlines, Delta Air Lines, American Airlines, and Alaska Airlines; it reports 46 million passengers in 2025 and 517 aircraft in scheduled service as of June 30, 2026. Those present-day operating figures provide context about the carrier, but are separate from the 2021 aid announcement. Treasury’s airline relief-program overview provides the historical program totals and closeout status. SkyWest’s media room provides current company information.

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  • 2. Portable size and professional design:The 4.2x7.2-inch size design not only ensures sufficient recording space, but also facilitates detailed recording of salary details, such as employee name, salary items (basic salary, bonus, subsidy, etc.), amount and other information, and is easy to carry. The weekly employee payroll log book can be easily put into a folder or handbag, which is convenient for financial personnel to check and record salary information anytime and anywhere. It is suitable for use in offices, out-of-office or mobile office scenarios.
  • 3. High-quality binding and durability:White spiral binding can be completely flat, smooth writing, easy to flip through, suitable for frequent use. 50 double-copied inner pages create clear records for employees and management to meet daily wage record needs and can record the wage details of 50 employees.
  • 4. Single-sided color printed inner pages:The inner pages are printed in color on one side, which is beautiful and practical. Different wage items or important information are distinguished by color to track employees' working hours, total income, deductions and net wages, and improve the clarity and readability of records. The payroll ledger book’s inner pages are made of high-quality paper, with smooth writing and clear carbon copies to ensure the accuracy and completeness of wage records.
  • 5. Applicable to multiple scenarios:This set of weekly payroll record book is suitable for corporate finance departments, human resources departments, small businesses or individual businesses, and can provide efficient support for wage accounting, employee communication or salary surveys. Simple and easy to use, no professional training required, it is a powerful assistant for wage management, helping you to easily manage wage records and improve work efficiency.

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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