Among companies getting millions in U.S. small business loans: South Korea’s biggest airline – Latest Breaking News Updates

Korean Air’s U.S. operation obtained thousands and thousands in federal small-business loans aimed to soften the blow of Covid-19, federal information reveals.

The supplier obtained $5 million to $10 million in U.S. loans meant to help small corporations maintain employees on their payrolls, in line with an inventory of crucial recipients of loans within the Paycheck Protection Program launched by the Trump administration on Monday.

The Seoul-based airline, South Korea’s largest, has about 500 employees within the U.S., and a spokeswoman acknowledged it utilized for the mortgage on account of better than half of the supplier’s operation is suspended as a result of pandemic.

The funds shall be used in direction of it’s payroll costs for workers, along with these in its principal cargo enterprise along with office jobs like promoting and advertising and human property, the spokeswoman acknowledged.

Long-haul worldwide journey has plunged on account of Covid-19 as demand dried up and a set of journey restrictions has made journeys abroad robust if not unattainable for some potential prospects.

Korean Air can be a big cargo supplier with routes to or from the Americas comprising about 40% of its cargo product sales.