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Hawaiian Airlines received $89.8 million on Friday as its first installment out of $179.7 million that it will get from the Payroll Support Program 3 agreement with the U.S. Treasury. The money is to be used exclusively for continuing to pay employee salaries, wages and benefits.
Under the PSP3 agreement, the company has agreed to refrain from conducting involuntary furloughs or reducing employee rates of pay or benefits through Sept. 30, limit executive compensation through April 1, 2023, and suspend dividend payments and stock repurchases through Sept. 30, 2022.
The remaining installment is anticipated to be paid in the second quarter of this year, with a possible final payment based on any adjustments by the Treasury to the initial expected total payment.
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