Hospitality Newfoundland & Labrador has heard our members loud and clear: servicing debt is one of the greatest challenges tourism operators are currently facing.
We know that the tourism industry was the first hit and the hardest hit by the COVID-19 pandemic, and that it will be the last to recover. Our members have taken on increased debt to survive and now the repayment deadline for federal government loans, such as CEBA, RRRF, and HASCAP, is approaching. You have shared with us the impact that servicing this debt has had on this province’s tourism businesses, and we are responding by taking this fight to the national level.
Hospitality NL has partnered on this issue with our national counterpart, the Tourism Industry Association of Canada (TIAC), who today launched Phase 1 of a project to fight for debt relief for tourism operators.
Does your tourism business currently hold a Canada Emergency Business Account (CEBA), Regional Relief and Recovery Fund (RRRF), or Highly Affected Sectors Credit Availability Program (HASCAP) loan? If so, TIAC wants to hear from you! We are asking you to fill out this 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.
Learn more about TIAC’s Debt Relief initiative here.