I don't know if it is a loophole as such, when the flying situation first went south there where a number of airlines that were providing credits for "no shows" I am not sure if VA was one of the airlines as I did not have bookings at the time and so took no interest.
I remember reading the detail that
@AIRwin post and assumed that VA had decided to enforce their own "no show" policies and "no shows" would not be re credited. I read it as VA were putting the onus back on the PAX to deal with their travel and not VA cancelling flights.