Originally Posted by
Aquaticus
Actual bill language
Page 510 - 25B loan
- allowance for 10% of total workforce immediate involuntary furlough
- stock buy back/dividend restrictions until loan is paid back +12months
Page 589 - 25B possibly a grant
- with no involuntary furloughs or pay cuts until 9/30/20
- no stock buybacks or dividends until Sept 30, 2021
Specifically, pages 517 for the loan and 592 for the grant.
The takeaway? There WILL be pilots hitting the street in October. Hopefully in the interim a) the virus/demand situation improves, albeit however slightly, and b) the union and company will have time to do some really, REALLY outside-the-box thinking about programs to mitigate the numbers.