Alaska airlines, horizon air announce receipt of payroll support program funds under cares act

Alaska airlines and horizon air announce receipt of payroll support program funds under cares act.received $992 million to be used exclusively toward continuing to pay employee salaries, wages and benefits.funding will cover about 70% of budgeted payroll costs for both airlines through sept. 30, 2020.of $992 million in psp funding, $267 million is in form of a loan and must be repaid to government within a 10-year term.alaska air group- alaska and horizon have agreed to no involuntary furloughs and no reductions to rates of pay or benefits through sept. 30, 2020.treasury received warrants to buy 847,000 non-voting shares of co's common stock at a price of $31.61 a share.alaska and horizon have agreed to continue suspension of dividends and share repurchases until sept. 30, 2021.under this program, alaska and horizon have agreed to limits on executive compensation through march 24, 2022.of $992 million in psp funding, $267 million is in form of a loan and must be repaid to government within a 10-year term.alaska ,horizon have separately applied for $1.1 billion in federal loan funding through separate program under cares act.
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