Southwest Airlines to cut more flights, decline CARES Act loan

For Southwest Airlines Co., demand is getting a little better, capacity will be slashed more than previously thought this quarter and the airline won't take a $2.8 billion loan offered by the U.S. government. Those were the major takeaways from an investor update Southwest Airlines (NYSE: LUV) filed Wednesday morning. The Dallas-based airline detailed how much revenue and capacity is expected to be down in the third quarter compared to last year. So far in August, Southwest has seen a "modest improvement"…