Good Afternoon All,
I've just done my daily duty of watching the PM's address to Canadians - please note that I've included Julie Dabrusin MP, Peter Tabuns MPP, and Paula Fletcher City Councillor in the top send line of this email (copy).
We have been hammering away at all levels of government to come to the financial aid of our small/medium businesses and sadly the initiatives that have been announced aren't helping our businesses yet.
1. Federal Initiatives:
75% Subsidy
- The PM says this will help small and medium businesses to keep going. There is a disconnect between the 75% wage subsidy and employees of small and medium businesses - these businesses have been mandated to close with the exception of those able to do take-out and delivery. Businesses basically aren't open so they don't have staff to subsidise. For those doing take-out and delivery it's pretty much the business owner doing the cooking, maybe one other person.
$40 K Interest Free Loan with $10k forgiven:
- Businesses are told to go to their banks to start the process unfortunately the banks are telling our businesses that they have NO information from the Feds on how this is all going to work. So it's April 1 and businesses can't make rent and the banks have no roll-out info on this loan.
Julie, I know you're pushing hard to get this loan initiative up and running but..... our businesses and banks need the information now! It also didn't help when the Federal gov't yesterday made the following announcement:“The federal government is waiving the monthly rent paid by airport authorities to Ottawa for the rest of the year as revenues plummet amid the COVID-19 pandemic.Finance Minister Bill Morneau says the measure will provide support worth up to $331.4 million in ground lease rents from March through December. The move applies to 21 airport authorities as well as PortsToronto, which operates Billy Bishop airport and pays a charge to the federal government. Morneau says the air transportation sector has “suffered tremendously,” as airlines cancel the vast majority of their flights and lay off thousands of staff.”
2. Rent Relief:
We need an actual rent relief plan for all of our small and medium businesses and landlords. Loans are a bandaid that will result in debt after this is over. We need government to step in NOW with either a grant plan or a waiver plan. Telling us that we need to make more noise about the situation or that something will come soon isn't helping. This morning I was notified that our BIA member Green Basil has to close as of today because they can't make their rent payment today. We're all afraid that this won't be the only one in this horrible position. The City of Toronto today announced that the City will be in lock-down for 12 weeks - that's April, May, June - that's 3 months of rent for commercial tenants and 3 months of mortgage payments for commercial landlords.
Julie, Peter, Paula - for our BIA you're our government people - we have 350 business members that need help today! We know that you're all working on this but.... we need your leaders to step up today and the 3 of you are our voices.
Thanks,
Susan
