Lindblad Returns Payroll Protection Program Funds

National Geographic Orion

Lindblad Expeditions is returning its $6.6 million loan from the Small Business Administration, according to Sven-Olof Lindblad, president and CEO.

Speaking on the company’s first quarter earnings call, Lindblad called the program flawed and said it had shut out small businesses.

Previously the company had announced on April 14 that it had received a $6.6 million loan at a fixed interest rate of 1%, a maturity date of April 9, 2022.

Lindblad was among a number of public companies that faced media backlash for taking goverment backed loans. 

According to a press release issued by Lindblad, "the company clearly met the criteria laid out to receive the loan and, given the complete cessation of our operations, the loan's sole purpose was to protect hundreds of jobs across our company from layoffs, furloughs and salary reductions for a period of time, We have subsequently returned the funds received from this loan and, as a result, will pursue additional adjustments to our cost structure."

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