Further Support for Business CriticalOctober 9, 2020
(Toronto – October 9, 2020) – Today, Rocco Rossi, President and CEO, Ontario Chamber of Commerce released the following statement:
“We welcome the additional supports announced by the federal government today. It is very encouraging that small businesses can now apply directly for rent relief and that eligibility will include a sliding scale. We look forward to more details on the mechanics of this new program. The expansion of the CEBA loan program with additional forgivable loans combined with the commitment of maintaining the wage subsidy at 65% until December is indeed good news for Ontario business.
“We also welcome the Ontario government’s announcement today that they will make $300 million available to assist businesses affected by additional emergency restrictions with fixed costs, including property taxes, hydro and natural gas bills. We look forward to learning more details about this support soon.
“We are deeply concerned about the pandemic’s impact on businesses across the province. The cost to small businesses especially has been devastating. Several sectors such as hospitality, food services, transportation, entertainment, recreation, and retail are facing unprecedented losses.
“We respect data-based decisions related to the containment of the virus. Yet we are deeply concerned about the long-term repercussions of the pandemic on businesses and workers. All levels of government need to consider the long-term impacts that business closures and lost employment will have on communities, and work to mitigate those impacts.
“We have always maintained that the provincial economy and the health of Ontarians are interdependent and must be addressed together. We must seriously consider how we will actively manage any further spikes in cases that may follow. The long-term costs to the economy combined with the corresponding impacts on mental and physical health could be devastating.”
About the Ontario Chamber of Commerce
For more than a century, the Ontario Chamber of Commerce (OCC) has been the independent, non-partisan, indispensable partner of Ontario business. The OCC’s mission is to support economic growth in Ontario by defending business priorities at Queen’s Park on behalf of its network’s diverse 60,000 members.
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