Amid businesses having tens of millions in PPP financial loans: Korean Air

Among companies getting millions in PPP loans: Korean Air

A Korean Air Airbus 380 is getting towed to a gate at Los Angeles International airport.

Fabrizio Gandolfo | SOPA Images | LightRocket by way of Getty Illustrations or photos

Korean Air’s U.S. procedure obtained millions in federal compact-organization financial loans aimed to soften the blow of Covid-19, federal details exhibits.

The carrier gained $5 million to $10 million in U.S. loans intended to help modest enterprises hold workers on their payrolls, in accordance to a list of the biggest recipients of loans in the Paycheck Protection Application released by the Trump administration on Monday.

The Seoul-based airline, South Korea’s major, has about 500 employees in the U.S., and a spokeswoman explained it utilized for the financial loan simply because extra than half of the carrier’s operation is suspended for the reason that of the pandemic.

The resources will be applied toward it can be payroll costs for employees, like those in its main cargo small business as properly as place of work work like advertising and human sources, the spokeswoman stated.

Extensive-haul intercontinental travel has plunged because of Covid-19 as need dried up and a sequence of travel limits has produced trips overseas difficult if not unattainable for some potential prospects.

Korean Air is also a main cargo provider with routes to or from the Americas comprising about 40% of its cargo sales.

See also  Non-urgent dental care to resume in June, claims BDA

About the author: Muhammad Wayne

Wayne is a reporter who covers everything from oil trading to China's biggest conglomerates and technology companies. Originally from Chicago, he is a graduate of New York University's business and economic reporting program.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *