Sunwing Airlines and Sunwing Vacations have received a $ 375 million Large Employer Emergency Credit (CUGE) loan to protect jobs in the airline industry.
This access to liquidity for the two airlines, which employ nearly 3,000 full-time people, is made possible thanks to the agreement announced Monday by the Canada Emergency Business Financing Corporation (CFUEC).
Sunwing has agreed to maintain an account into which monies received from customers are deposited for trips canceled due to the COVID-19 pandemic.
This account will be maintained pending the implementation of a government policy for the treatment of amounts already paid.
CUGE loans provide “bridge financing” to large employers in Canada whose needs during the pandemic cannot be met by other sources of financing in the private market, CFUEC said in a statement.