Porter Airlines received a federal loan of up to $ 270.5 million, including money for repayment

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Porter Airlines’ parent company has reached a loan agreement with the federal government for up to $ 270.5 million, including $ 20.5 million in passenger reimbursement for a flight canceled during the COVID-19 pandemic.

Porter Aviation Holdings Inc. states that it will use the money primarily as a capital reserve during the recovery from the pandemic.

The regional airline, based at the Toronto Island airport, is the latest carrier to gain access to credit through the state-owned Canada Enterprise Emergency Funding Corp.

Loans are repayable over five years, and passenger reimbursement loans must be repayable over seven years.

All flights booked before Wednesday for travel from 1 February 2020 are eligible for a refund immediately. Online applications are accepted until August 29, with a refund of the total purchase amount processed using the original form of payment.

Customers can keep their current travel points and receive a 25 percent credit bonus depending on the booking method.

Loans are valid until December 31, 2022 and can be transferred.

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