Originally Posted by
Paid2fly
Correction:
H.R. 748 was introduced in the House on January 24th of 2019 (long before Covid was an issue).
It passed the House on July 17th of 2019
On March 25th of 2020 it was amended in the Senate as the Coronavirus Aid, Relief, and Economic Security Act(CARES Act).
On March 27th of 2020 the House agreed to the amendment by voice vote, and was signed into law the same day by President Trump.
Thanks for catching that mistake. Definitely missed the years when going through it. I guess, my point is that ALPA probably had some idea given we signed the LOA 7 days prior to the bill being passed. But I don't really fault them for still signing the LOA. However, we definitely saved the company a considerable amount of money.
Further, if you look at my most recent analysis, I would say more than 80% of their payroll was likely covered. The labor expenses include per diem, open time, critical pay, etc.. The company was not paying much of that so it is likely their payroll expense was lower than in previous years.
In short, almost all of their payroll expenses were covered by
grants and loans from the government.