Yesterday the Government of Canada announced what many have called confusing and concerning changes to the CEBA loan repayment period. As an industry operator, I understand and share your concerns about CEBA and the confusion the federal government’s announcement has caused for many in our industry.
Our President and CEO Kelly Higginson has been on the phone last night and this morning with multiple Federal Ministers and senior staffers highlighting our frustration with the CEBA announcement. She has been reiterating the fact that 51% of restaurants are operating at a loss or barely breaking even. This is compared to 12% pre-pandemic. She has stated that Restaurants Canada is concerned that those operations not making money will not be able to get refinancing for the loan from their financial institution.
This is the last thing you need to be dealing with given all the other challenges you are facing. Restaurants Canada continues calling on the government to show compassion and understanding to our operators. Along with recognizing the importance of our industry to the Canadian economy and communities we serve. We need the Federal Government to extend the interest-free period and allow restaurants to access the forgivable portion of these emergency loans that were taken out to survive the COVID-19 lockdowns.
Restaurants Canada staff will be in communication over the coming days with information as to what you will be required to do, and how this new repayment process works.
All the best and take care,