AHA Responds to the Federal Announcement on CEBA Repayments

OFFICIAL RESPONSE TO THE SEPTEMBER 14TH FEDERAL ANNOUNCEMENT SURROUNDING CEBA REPAYMENTS

Like other groups representing the Tourism and Hospitality industries across the country, we feel that the Federal government's plan around CEBA repayments fails to adequately address the dire situation so many of our members and those in our industry are facing.  

The government granted a one-year extension of the full loan payment however for all intent and purposes they failed to address most businesses’ biggest concern; the forgivable portion of the loan.  This has only been extended for up to 3 months to allow for refinancing. The servicing of this debt may be the final straw for many operators struggling to keep their doors open.

Hospitality was one of the hardest-hit industries during Covid and operators still face continued pressure from inflation, taxation and staffing issues.  

What AHA is calling for:

1. Forgiveness of full or additional portion of CEBA loan.

2. Interest-Free installment repayment plan. A four-year repayment plan of $10,000.00 annually.

3. Grant funding for smaller operators that will help reduce their loan repayment by 50%.  

These owner-operators would have to meet certain eligibility criteria. These same operators would be able to enter into a repayment plan as well for their remaining balance of CERB loans outstanding.