LAS
VEGAS, Sept. 5,
2022 /PRNewswire/ -- Allegiant (NASDAQ: ALGT)
announced it has repaid the $24.8 million
dollar emergency relief loan the company received under the
Coronavirus Aid, Relief and Economic Security (CARES) Act in
April 2020.
The government assistance, coupled with proactive initiatives
from Allegiant and its employees, allowed the airline to preserve
liquidity and strategically position itself to withstand the
uncertainty surrounding the outbreak of COVID-19. Allegiant's
unique business model, focused entirely on leisure travel, helped
the company respond to the unprecedented challenges that the entire
airline industry faced when demand for air travel dropped so
suddenly and precipitously in 2020, as a result of the global
pandemic.
The CARES Act, signed into law in April
2020, established the Payroll Support Program to provide
assistance to U.S. companies that were impacted by the global
pandemic. The funds helped Allegiant support the airline's employee
salaries and benefits.
"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," said 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 integrated travel company with an airline at
its heart, focused on connecting customers with the people,
places and experiences that matter most. Since
1999, Allegiant Air has linked travelers in
small-to-medium cities to world-class vacation
destinations with all-nonstop flights and industry-low average
fares. Today, Allegiant's fleet serves communities across the
nation, with base airfares less than half the cost of the average
domestic roundtrip ticket. For more information, visit us at
Allegiant.com. Media information, including photos, is available
at http://gofly.us/iiFa303wrtF
Media Contact
Phone: 702-800-2020
Email: mediarelations@allegiantair.com
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SOURCE Allegiant Travel Company