The Tourism Industry Association of Ontario (TIAO) has announced a deadline extension until January 18 to businesses with CEBA or RRRF loans—giving them until then to repay most of their loan in order to have up to $20,000 forgiven.
The January 18th deadline represents an extension of a mere 18 days after tireless advocacy at TIAO alongside its partners at the Tourism Industry Association of Canada (TIAC), Canadian Federation of Independent Business and the Canadian Chamber of Commerce—and after significant media attention over the holidays and calls from Canada’s premiers to extend the forgiveness repayment deadline by at least another year.
After January 18th, CEBA and RRRF loans will start to incur 5 per cent interest with the full principal amount due at the end of 2026. Operators who secure refinancing have until March 28 to repay their loan while maintaining access to the forgivable portion.” As we have advocated in meetings, submissions, letters, media appearances, and in our 2022 State of the Ontario Tourism Industry Report: this is not enough,” says TIAO team.
In last year’s Nanos survey commissioned by the Provincial and Territorial Tourism Industry Association (PTTIA), 45 per cent of Canadian tourism businesses reported being likely or somewhat likely to close within the next three years without government intervention into their mounting debt load. With tourism businesses facing inflation, rising commercial costs, high interest rates, a labour crisis, and the slow return of key markets, operators need more time to generate the revenue required to pay down their debt.
With the CEBA/RRRF repayment deadline fast approaching, many tourism operators face a financially precarious situation. With debt continuing to weigh heavily on its members, ensuring that the government continues to invest in the growth, capacity, and success of the industry is that much more important. Building out premier tourism experiences, diversifying visitor markets, and capturing a greater share of domestic and international visitor spend will grow Ontario’s tourism industry, drive the provincial economy, and ensure that tourism operators will be in a financially viable position to continue offering unforgettable experiences year over year.
Furthermore, with the 2024 Rural Ontario Municipal Association (ROMA) conference approaching, this is the message to take to Ministers and government officials in a delegation led by TIAO’s incoming president & CEO, Andrew Siegwart. Preparation is well underway alongside the tourism delegation, which this year includes the Culinary Tourism Alliance to build out the advocacy on agritourism.
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