A new Nanos report commissioned by the Tourism Industry Association of Canada (TIAC) and members of the Provincial and Territorial Tourism Industry Association (PTTIA), including TIANS, has identified that 45% of tourism businesses state that they will cease operations if there is no further government intervention and no change related to existing loan terms around Canada Emergency Business Account (CEBA), the Regional Relief and Recovery Fund (RRRF), and the Highly Affected Sectors Credit Availability Program (HASCAP) loans in the next two years.
An overwhelming percentage of Canada’s tourism businesses report that they face tremendous financial pressures due to mounting debt loads from government and private loans that allowed them to weather the storm of COVID-19.
TIAC and the PTTIA are calling on the federal government to help address this important issue by implementing adjusted terms such as extending the zero-interest repayment deadline for the CEBA loan to December 31, 2025; increasing the forgivable portion of the CEBA loan, and modifying RRRF and HASCAP loans in a similar fashion to allow more time and flexibility in repayment terms.
Read Full Release: Press Release – NANOS Debt Survey June 20, 2023_EN