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Lindblad gets $6.6m paycheck protection loan under CARES Act

CRUISE Lindblad logo.jpg
Lindblad Expeditions Holdings received a $6.6m US Small Business Administration loan from Citibank, NA.

CARES Act Paycheck Protection Program

Related to the COVID-19 crisis, the Small Business Association loan will be used primarily for payroll costs. Under the Paycheck Protection Program, the loan has a fixed interest rate of 1%, a maturity date of April 9, 2022, and no payments are due for six months.

Lindblad may apply for forgiveness of the amount due on the loan based on certain costs incurred such as payroll costs, interest payment on a covered mortgage obligation, payment on a covered rent obligation and any covered utility payment.

The amount of the loan forgiveness will be calculated in accordance with the Paycheck Protection Program in the CARES Act, although no more than 25% of the amount forgiven can go to non-payroll costs.

All passengers disembarked, May sailings canceled

In other news, the company canceled sailings through May. Lindblad said to date it has not had any known cases of COVID-19 aboard any of its ships, and all vessels have disembarked their passengers. Cancellation policies have been eased, with terms varying by destination and sailing date. These give more flexibility to cancel certain cruises and elect to receive future cruise credits.


The company said that during March, it drew down on its $45m senior secured revolving credit facility and had unrestricted cash on its balance sheet of approximately $137m as of March 31.