LAS VEGAS, Sept. 5, 2022 /PRNewswire/ — Allegiant (NASDAQ: ALGT) introduced it has repaid the $24.8 million greenback emergency reduction mortgage the corporate acquired beneath the Coronavirus Aid, Relief and Economic Security (CARES) Act in April 2020.
The authorities help, coupled with proactive initiatives from Allegiant and its staff, allowed the airline to protect liquidity and strategically place itself to resist the uncertainty surrounding the outbreak of COVID-19. Allegiant’s distinctive business mannequin, centered completely on leisure journey, helped the corporate reply to the unprecedented challenges that the complete airline {industry} confronted when demand for air journey dropped so instantly and precipitously in 2020, because of the worldwide pandemic.
The CARES Act, signed into regulation in April 2020, established the Payroll Support Program to offer help to U.S. corporations that have been impacted by the worldwide pandemic. The funds helped Allegiant help the airline’s worker salaries and advantages.
“We’re so grateful to the federal government and the American people for stepping up and assisting the entire industry when the outlook for the future was so uncertain,” stated Allegiant’s CEO John Redmond. “This loan helped us save jobs at a time when it wasn’t clear how the U.S. would emerge from the pandemic. We’re thrilled that demand has increased so much in recent months that we were able to fulfill our obligation much earlier than we originally anticipated.”
Allegiant – Together We FlyTM
Las Vegas-based Allegiant (NASDAQ: ALGT) is an built-in journey firm with an airline at its coronary heart, centered on connecting prospects with the folks, locations and experiences that matter most. Since 1999, Allegiant Air has linked vacationers in small-to-medium cities to world-class trip locations with all-nonstop flights and industry-low common fares. Today, Allegiant’s fleet serves communities throughout the nation, with base airfares lower than half the price of the common home roundtrip ticket. For extra info, go to us at Allegiant.com. Media info, together with photographs, is offered at http://gofly.us/iiFa303wrtF
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