TIAO has partnered with TIAC and Nanos Research on new tourism debt relief survey project for CEBA, RRRF, and HASCAP loans.
Over the course of the COVID-19 pandemic, seven in 10 tourism operators in Ontario reported taking on debt to remain afloat, with 20 per cent accruing over $100,000 in debt. In Northern Ontario, the situation is magnified, with resource-based tourism operators reporting an average debt load of over $185,000.
A joint statement from the partners: “CEBA, RRRF, and HASCAP loans have been critical to the survival of tourism operators. But as we have heard from operators, repaying these loans on the current schedule may further extend an already slow recovery time for tourism businesses dealing with critical labour gaps, the slow return of key markets, supply chain disruptions, and rising commercial costs.
“Debt relief has been a key priority for TIAO throughout our advocacy for pandemic recovery. Through our meetings with provincial partners, we were able to successfully advocate for the extension of the repayment deadline to qualify for partial loan forgiveness for CEBA and RRRF loans (from December 31, 2022, to December 31, 2023). But at the current pace of recovery, further debt relief is needed.
“To support our asks, we need to have up-to-date, substantive data that shows the extent of the debt load among tourism operators. That’s why as part of the Provincial Territorial Tourism Industry Association of Canada (PTTIA), we are launching with the Tourism Industry Association of Canada (TIAC) and Nanos Research a new survey project to gather critical information about the debt load of tourism operators across Canada and their current capacity to repay CEBA, RRRF, and HASCAP loans. If you are currently holding a CEBA, RRRF, or HASCAP loan, we are asking you to fill out a very short 2-3 minute survey. The responses to this first survey will form the basis for a second more in-depth and targeted survey which will be launched in the very near future.”
To complete this survey and learn more about this project, click here. The survey will close on March 31, 2023.
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