Travel Company Transat AT Is Getting A $700 Million Loan From The Feds
$310 million will be used to give refunds to customers.💰
Transat AT and Air Transat refunds could be just around the corner! That's because the travel company, which owns Air Transat, has just reached an aid deal worth $700 million with the feds.
The loan will come via the federal government's Large Employer Emergency Financing Facility, which is the same program used to give Air Canada a $5.9 billion aid package earlier this month.
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Of the $700 million on the table for Transat AT, $390 million is set to be used to support the business, while $310 million will be used to offer refunds to customers, according to CBC News.
In a tweet on April 29, Air Transat confirmed that it would be offering refunds for travel credits issued due to COVID-19, following the deal with the Government of Canada.
Sharing its own statement, the company explained, "Transat is pleased to announce that a funding agreement with the Canada Enterprise Emergency Funding Corporation (CEEFC) now allows it to offer refunds to travellers who were issued a travel credit due to COVID-19 for a trip scheduled to start on or after February 1, 2020."