Yes, per SWAPA’s Oct 29 email, the company “swapped the initial 10% pay rate cut for knocking our hard-fought NEC down from 15% to 3.5% through all of 2021.”

In the same email, SWAPA also explained, “Speaking of government funding, in our outreach to Wall Street, we have gotten a sense that they share our dim view of Mr. Kelly declining Treasury loans and now asking for concessions. Even the investment community questions the choice to take from employees when there are plenty of low-interest options available should the need arise.”

This is super-frustrating because the company had access to $7.5B In government loans with one stipulation on them that proved a bridge too far for GK: no stock buybacks or shareholder dividends until they’re paid back. That’s a sum that would’ve dwarfed the amount saved by threatening employees’ jobs if they didn’t submit to 10% across the board pay cuts. But you know what they say in the boardroom, “Stock charts over cohearts!”

It was simply too “onerous” for Gary Kelly to opt for the government cheese when he can soak his Southwest family instead. He explained, “The terms of the government loan are pretty onerous ... I think we would much rather avoid those. And I think what's near and dear to shareholders' hearts is it puts restrictions on dividends, which I object to, and share repurchases."

It’s all about them stonks peoplz!!!