Absolutely true. Porter was well liked by business clients flying to NYC and Montreal. E.g. to the RBC office in NYC/ Toronto meetings. Also I was travelling last year weekly to Montreal for business. Ticket prices didn’t matter much. This all stopped. The major banks haven’t people coming to the office until spring 2021. This can be very much extended. No airline can survive that long as business travel to pick up will take years and a significant percentage of meetings and work will be done online.
Also the Toronto Island Airport got renovated and expanded recently. This can only be pay off with higher levels of travellers which is now unrealistic even more.
Sad to say, but Porter and Toronto Island airport business case is gone. Sure, depends on government subsidy, but that only can prolong the suffering. Also with the UPE train many started to preferring YYZ. That already threatened the Island airport.