Lindblad Expeditions announced it has received a U.S. Small Business Administration Loan from Citibank, N.A. related to the COVID-19 crisis in the amount of $6.6 million primarily for payroll costs.

Under the Paycheck Protection Program Loan Note, the SBA Loan has a fixed interest rate of 1%, a maturity date of April 9, 2022, and no payments are due on the SBA Loan for six months.

Pursuant to the terms of the SBA Loan and Promissory Note, the company may apply for forgiveness of the amount due on the SBA Loan in an amount equal to the sum of the following costs incurred by the Company during the eight-week period (or any other period that may be authorized by the U.S. Small Business Association) beginning on the date of first disbursement of the loan: payroll costs, any payment of interest on a covered mortgage obligation, payment on a covered rent obligation, and any covered utility payment.

The company also announced today that it is rescheduling or rebooking, as applicable, all voyages scheduled to sail during the month of May 2020 due to travel restrictions from the global spread of the COVID-19 virus.