COVID Stimulus Watch Individual Entry

Individual Award Data

Recipient Company:  Southwest Airlines
Parent Company:  Southwest Airlines
Award Date:  Apr 14, 2020
Award Type:  loan
Loan or Loan Guarantee Amount:  $1,000,000,000
Awarding Agency:  Treasury Department
Program Name:  Payroll Support Program
Award Details: 

Southwest Airlines announced it would receive more than $3.2 billion in financial assistance, including a low-interest loan of nearly $1 billion and a grant of $2.3 billion (listed separately). The company expected to provide Treasury warrants for 2.6 million shares.

Parent Company Data

Ownership Structure:  publicly traded (ticker symbol LUV)
Headquartered in:  Texas
Parent Sector:  airlines
Parent Industry:  airlines
Employees (prior to pandemic):  60,800

Parent Accountability Issues Since 2010

Employment-related Penalties:  $21,540,000
Federal Corporate Income Tax Rate:  10.90%
Environmental / Healthcare / Safety Penalties:  $24,112,545
Consumer Protection / Financial / Competition-related Penaties:  $3,000,000
Ratio of CEO Pay to that of Median Worker:  86.6 to 1
CEO Compensation:  $8,771,124
Worker Median Pay:  $101,302