COVID-19 Updates > Tourism Advocacy Update – May 11, 2020
Publié le 11 mai 2020
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TIAC’s Advocacy Update
- TIAC’s President & CEO participated in an industry leader call organized by Air Canada today to talk about sector-wide advocacy and a call-to-action for all governments to support the tourism industry
- The President & CEO will also participate in a call with provincial and territorial tourism associations and representatives of Meetings Mean Business Canada to discuss COVID-19 recovery measures announced by provinces and the need for consultation and collaboration with provincial governments to support the resumption of business events and meetings
- Tomorrow, TIAC will participate in the COVID-19 webinar hosted by Destination Canada, where the Honourable Minister Melanie Joly will make remarks and answer industry questions
- Today, the government extended access to the Business Credit Availability Program (BCAP) to include larger, medium-sized enterprises; a program for large corporations was also launched – the Large Employer Emergency Financing Facility (LEEFF) which involves bridge financing for corporations facing liquidity challenges due to COVID-19
- As there are few details on these programs, we will provide details as information becomes available. See more information below under “Government Announcements”
In Case You Missed It …
- Our partners at Destination Canada/Business Events Canada has published a report entitled “COVID 19 Impact and Recovery Report - Business Events” which you can access here
Resources for Businesses
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Government Announcements
- Today’s major announcement from the Government of Canada involves new business supports available for mid and large sized businesses: an expansion of the Business Credit Availability Program (BCAP) for mid-sized businesses that need more capital, and the creation of the new Large Employer Emergency Financing Facility (LEEFF)
- The expansion of the BCAP program will provide loans up to $60 million per company, and guarantees of up to $80 million
- Members who are interested in this program should contact their financial institutions
- The LEEFF program will provide bridge financing for large employers with annual revenues of $300 million or higher
- To qualify, businesses must require access to funding in excess of $60 million, and must meet a number of conditions including a commitment to maintain Canadian jobs; respect collective agreements and pension obligations; provide reports on commitments to environmental sustainability and Canada’s climate change goals; full disclosure of finances to demonstrate solvency; and demonstrate that companies are not practicing tax avoidance.
- There will also be restrictions on using these funds for dividend payouts and executive compensation
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Looking Ahead – COVID-19 Recovery
Several provinces have begun announcing plans for reopening economies. Timelines and actions vary, but can provide businesses and workers with information on what to expect in the upcoming weeks and months. TIAC will continue to add links to provincial recovery plans as they become available:
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TIAC Members: Making a difference
Thank you to the many TIAC Members who are helping during this difficult time. From those offering support like temporary housing for essential service providers, to others who brought home stranded Canadians from around the world. You are making a difference.
Today, we are recognizing Kingsbrae Garden in St. Andrew’s New Brunswick. Before the 2019 season, an unexpected fire nearly caused an early end to Kingsbrae Garden’s season, but they were able to rally community support and come back successfully. With the whole community facing challenges ahead of the 2020 season, Kingsbrae is giving back to their community and organizations facing significant challenges. They have been busy in the kitchen, cooking tasty dishes, and delivering food and cheer to many around St. Andrews.
Thank you to Chelsea from Kingsbrae for sharing your story!
Do you have a story to share about how tourism businesses are supporting communities during these challenging times? We want to hear from you whether you’re a TIAC member or not. We need to celebrate our industry and recognize your generosity during these trying times. Please share your stories with us at communications@tiac-aitc.ca.
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