US-based passenger shipping companies benefit from pandemic grants

2021-09-10T21:46:16+00:00 September 10th, 2021|Finance|

Among the many passenger ship grant recipients listed on the US Coronavirus Economic Relief for Transportation Services Act (CERTS) website was American Cruise Lines, which received $42.7 mill.

Other companies to benefit included Lindblad Expeditions, which received $21 mill in US Government grants and the Hornblower Group, owner of American Queen Steamboat Co, which received $64 mill, plus Victory Cruise Lines, out of the 100 plus companies awarded grants.

CERTS provides grants to companies that have experienced annual revenue losses of 25% or more due to COVID-19 following an investigation.

The grant must be primarily used for payroll costs, although the money may be used for operating expenses and the repayment of debt accrued to maintain the payroll, the US Government said.

In an SEC filing, Lindblad Expeditions said that the grant represents about 80% of the company’s total expected final award amount.

The company also said it anticipated using the grant primarily for payroll costs and ship operating expenses.

It is thought that the registration period has now expired.