Southwest Airlines Co. is “living day to day,” its chief executive officer said, urging employees to keep cutting expenses wherever possible as the new coronavirus continues to erode travel.

Southwest is evaluating the complex $50 billion federal program that will provide loans and cash payments to help carriers meet payroll and other employee costs. It’s premature to know “how we might fit into this” until the Treasury Department provides details, Chief Executive Officer Gary Kelly told workers Monday in his weekly recorded message.

Airlines already have slashed flights, offered leaves and cut costs in other ways in response to a dramatic collapse in demand for travel. The government’s rescue program could require equity or other securities in exchange for assistance. Additional restrictions would apply, as well, such as limitations on reducing payrolls and executive pay. The aid “isn’t a bailout,” Kelly said.

“It doesn’t eliminate our need to dramatically cut our costs,” Kelly said. “Please don’t take your foot off the gas. We were as prepared as we could be to take this on, but we’re living day to day and we simply don’t know how long this will last.”

Southwest rose 1.3% to $36.86 at 11:14 a.m. in New York, making it the second-best performer in a Standard & Poor’s index of nine carriers after Sanford C. Bernstein analysts said American Airlines Group Inc. and United Airlines Holdings Inc. have two months of cash left. Industry stocks also were hurt as the government extended social-distancing guidelines through April and advised people to avoid discretionary travel.

Dallas-based Southwest has cut 1,500 of its 4,000 daily flights and will reduce flying capacity 20% next month. The airline has frozen hiring and pay raises, offered voluntary leave and cut capital spending “to the bare minimum,” Kelly said. The airline secured a $1 billion term loan and has tapped out an existing $1 billion unsecured revolving credit facility.