These are unique and challenging times with information changing daily and uncertainty a commonality. Through all of this we at the Alberta Hospitality Association are committed to working towards solutions for the tough issues our industry is facing and keeping you informed with up to date data and information.
Did You know?
In data collected by Restaurants Canada, the food service industry in Alberta is VALUED AT $12 BILLION and represents 3.4 per cent of our province’s GDP. It is our province’s THIRD-LARGEST PRIVATE SECTOR EMPLOYER. If conditions do not improve, it is estimated that foodservice sales for the second quarter of 2020 will be down nearly $2.5 billion.
Based on data obtained from the Tourism Industry Association Alberta, Canada’s tourism workforce of 1.8 million (prior to COVID- 19) was GREATER than the COMBINED EMPLOYMENT of the following sectors: finance and insurance; agriculture, forestry, fishing and hunting; real estate, rental and leasing; and, mining, quarrying, and oil and gas extraction.
- Rent Relief / Abatement
- Access to Working Capital
- Tax Relief
What’s Available for You?
Canada Emergency Business Account Eligibility Expanded
The government is expanding the Canada Emergency Business Account (CEBA) to businesses that paid between $20,000 and $1.5 million in total payroll in 2019. This new range will replace the previous one of between $50,000 and $1 million, and will help address the challenges faced by small businesses to cover non-deferrable operating costs. The CEBA offers $40,000 interest free loans for eligible businesses.
Canada Emergency Commercial Rent Assistance for Small Businesses Announced
The federal government announced its’ intent to introduce the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. The program will seek to provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June. Implementation of the program will require a partnership between the federal government and provincial and territorial governments, which are responsible for property owner-tenant relationships. Additional details will be shared soon.