CEBA and RRRF Loan Repayment Extended by Federal Government, Hardest Hit Tourism and Hospitality Businesses Still Need Your Help
Today the federal government has announced that the repayment deadline to qualify for partial loan forgiveness for both the CEBA and RRRF loans is being extended from December 31, 2022, to December 31, 2023.
Both CEBA and the RRRF have helped small businesses and other organizations remain resilient and financially solvent throughout the pandemic.
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TIAO welcomes this announcement and thanks the government for its continued support and dedication to small businesses, specifically tourism businesses. The extension is a long-term TIAO advocacy ask.
However, since the start of the pandemic, about 7 in 10 Ontario tourism businesses have taken on debt that will take at least 2-3 years to resolve; this month, almost half of the province’s tourism businesses reported a pessimistic outlook for the future of their business and that of the tourism industry. As such, while this extension will provide some relief, it will not be enough.
Earlier today, we sent out an email asking you to write to your local MP and urge them to consider our recommendations. We still need your help and have adapted the form letter to reflect the recent changes announced today.
You can access the form letter here. Please address the letter to your local MP: You can find who your MP is here by typing in your postal code.
The need for debt relief is even more urgent with the Omicron COVID-19 variant. As the province rebuilds its economy and Ontarians return to a new normal, Ontario tourism must not be left behind. Reopening does not mean recovery.
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