To dismiss or terminate someone's employment or formal association.
To end a personal relationship or to detach oneself from someone.
To free someone from an obligation, responsibility, or constraint, allowing them independence or release.
Examples:
EN: But when I cut someone loose, I don't go back to them grovelling for favours.
ES: Pero cuando corto con alguien no vuelvo a él a pedirle favores.
EN: Have you really thought about what this means, to cut someone loose?
ES: ¿Has pensado realmente en lo que esto significa, estas listo para soltarlo?
EN: The facts are you needed to cut someone loose and you chose to keep your son-in-law over a more qualified employee who happens to be a two-tour veteran.
ES: Los hechos son necesitabas cortar a alguien suelto y elegiste mantener tu yerno sobre un empleado mas calificado quien pasa a ser Un veterano de dos viajes.