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Air Canada, WestJet could be set for coronavirus help from Canada
Edward Russell
Contributor
Edward Russell is a contributor for TPG. An AvGeek at heart, he covered the airline business at FlightGlobal for eight years and previously covered finance in New York and Hong Kong.
May 12, 2020
•
3 min read
Air Canada, WestJet could be set for coronavirus help from Canada
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The Canadian government is offering more support to Air Canada and WestJet with a new loan program aimed at large companies hit hard by the coronavirus pandemic.
Dubbed the Large Employer Emergency Financing Facility (LEEFF), Canada will provide loans starting at 60 million Canadian dollars ($42 million) to companies with annual revenues of at least CA$300 million, according to a Monday statement from Prime Minister Justin Trudeau's office.
Air Canada and WestJet could qualify for the new aid funds. Smaller carriers, like Air Transat and Porter Airlines, are assessing whether they qualify, though they also have access to other Canadian government funding sources to help them bridge the crisis.
Get Coronavirus travel updates. Stay on top of industry impacts, flight cancellations, and more.
The aid package in Canada is similar to the $25 billion in loans available to U.S. airlines under the country's $2 trillion coronavirus aid package, known as the CARES Act. While separate from the payroll assistance carriers have already accessed, Alaska Airlines, American Airlines, United Airlines and others have applied for funds from the U.S. Treasury.
Airlines taking assistance would also face similar strings on both sides of the border. These include barring dividend payments and stock buybacks, or using funds for executive pay.
The one leg up that Canadian carriers appear to have is an absence of minimum schedule requirements. These rules in the CARES Act have forced U.S. airlines to fly nearly empty planes, further straining their balance sheets and pumping unneeded carbon into the air.
Without a requirement to fly unnecessary flights and by an odd twist of fate, Vancouver-based seaplane operator Harbour Air is due to fly more flights than either Air Canada or WestJet in May, according to Cirium schedules. In a normal month, Harbour flies less than a fifth the number of flights of either larger carrier.
Related: Air Canada suspends all US flights, likely for first time in nearly 80 years
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In addition, Air Canada, Porter and WestJet have suspended all of their flights to the U.S.
WestJet will review the new LEEFF program before deciding on "next steps," spokesperson Lauren Stewart told TPG.
Related: Porter Airlines to suspend flights until at least June
Porter is assessing whether it qualifies for the LEEFF funds before it will evaluate whether to take advantage of the program, spokesperson Brad Cicero said.
An Air Canada spokesperson did not immediately respond with comment.
Air Canada, Air Transat, Porter and WestJet have all accepted payroll support from the Canadian government's emergency wage subsidy program.
Featured image by Getty Images
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Best for dining at restaurants
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Go to reviewCard Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
Rewards Rate
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
| 2X | Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. |
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You may be eligible for as high as 100,000 Membership Rewards® Points after spending $6,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.As High As 100,000 points. Find Out Your Offer.Annual Fee
$325Recommended Credit
Credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.Excellent to Good
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits.Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.