Loganair are not in the same basket as Flybe. They deserve more support, at least just for their lifeline routes to the islands. They can ground everything else until such time as it is appropriate to bring them back. The people on these islands are already facing reduced ferry services too so there needs to be some way of them retaining some essential air links to bring them what they need and take them to the mainland if needed.
Information from the EU (from 2018) shows that Loganair already serve 12 of the 22 UK PSO routes and thus receive funding to cover these anyway. Some of these are at pretty eye-watering levels of subsidy (three with a contribution in excess of £100 per person)
I know you can't compare the two but for context, Flybe received less than £5 per person for the Newquay-London route. Full PSO lists here make for interesting reading:
https://ec.europa.eu/transport/sites...tory_table.pdf