Dear Tourism Stakeholders,
The TIAC Team continues to monitor and provide updates on the ongoing COVID-19 crisis, and the steps government is taking to address the situation. We are working hard to make sure the industry’s voice is heard by government, and that you have the information you need to keep your business going in these uncertain times.
Please find the latest updates on official announcements and a recap of TIAC’s advocacy work on behalf of Canada’s Tourism Sector:
April 16, 2020
- Today, in line with TIAC advocacy efforts for more federal assistance for our sector’s businesses, the Government announced some improvements to loan accessibility:
- They have expanded the Canada Emergency Business Account (CEBA) to businesses that paid between $20,000 and $1.5 million in total payroll in 2019. This new range will replace the previous range between $50,000 and $1 million, and will help address the challenges faced by some small businesses to cover non-deferrable operating costs.
- While details are not yet available, the Government announced its intent to introduce the Canada Emergency Commercial Rent Assistance (CECRA) program for small businesses. The program will seek to provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June. Implementation of the program will require a partnership between the federal government and provincial and territorial governments. We look forward to more details on how this measure will be accessible to our members in the coming days.
- Please also find below some helpful information from government concerning support measures in place:
- Whether you are self-employed, a small business owner, or an entrepreneur – you shouldn’t have to worry about having to lose your business or your job. To get the help you need:
- Visit our government’s COVID-19 Economic Response Plan website for information about supporting your employees and your business. It is constantly updated as the COVID-19 crisis evolves.
- Contact your local financial institution. Since we know most small businesses have a relationship with their local financial institution already, we’ve worked with the financial sector to increase their lending capability to support you in in this challenging time. They are a good first place to start for help.
- Consult the Canadian Business Resilience Network and Canadian Chamber of Commerce’s pandemic preparedness guide to help prepare you business in the days and weeks to come.
- Tourism businesses still unable to access CEWS funding may still be eligible for the originally announced 10% wage subsidy, which has much broader criteria and no specific application process. While we hope to see CEWS criteria further broadened, or more industry specific support soon, this may be a good opportunity for some businesses.
- TIAC has been collaborating with McKinsey & Company and Destination Canada on a survey assessing recovery mesasures to help the tourism sector when the COVID-19 crisis subsides.
- Please know that each entry is captured and reported to government officials and decision- makers daily. Your continued participation and input is vital. Please see the survey details & link below.
- The Prime Minister reiterated changes to the Canada Emergency Response Benefit (CERB) announced yesterday, providing $2,000 a month to people who are unable to earn a living due to the virus
- The government is relaxing eligibility criteria on this, and restated that seasonal workers or those earning less than $1,000 per month are now eligible
- Further, The government is working with provinces and territories to top up wages of essential workers who earn less than $2,500 a month.
- Updates have been made to the Canada Emergancy Business Account (CEBA) to allow more businesses to fit the criteria. The government has both increased and decreased the eligibility thresholds
- Businesses who spent between $20,000 and $1.5 million in payroll in 2019 are now eligible for CEBA loans to help address the challenges faced by small businesses to cover non-deferrable operating costs.
- Reach out to your financial institution to gain access to this program.
- The government also announced its intent to introduce the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses.
- The program will seek to provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June.