Thanks to the advocacy efforts of the Hotel Association of Canada (HAC), the federal government has announced a number of new and increased support measures for hotels.
- NEW Highly Affected Sectors Credit Availability Program (HASCAP), which includes:
- 100% government guaranteed loans
- Up to $1 million over extended terms, for up to 10 years
- Low interest loans with rates lower than BCAP and beneath market rates
- We will notify you as soon as we find out more details and how you can apply.
- Increase of the Canada Emergency Wage Subsidy (CEWS) maximum subsidy to 75% between December 20, 2020 and March 13, 2021.
- Requiring short-term rental platforms, such as Airbnb, to collect and remit GST on short-term accommodation that is supplied in Canada through a digital accommodation platform. This is set to take effect on July 1, 2021.
- Canada Emergency Rent Subsidy (CERS) program extended at the rate of 65% until March.
- Canada Emergency Business Account (CEBA) extended to March 31, 2021.
- $500 million top up to the Regional Relief and Recovery Fund (RRRF).
- Government will explore options to revise the Large Employer Emergency Financing Facility.