Listen Live
Listen Live

BC Restaurant, Food Services President says emergency loan payback extension feels like Christmas in September

Restaurants and small businesses across the province including Prince George are breathing a sigh of relief after a major announcement from Ottawa.

Yesterday (Thursday), Prime Minister Justin Trudeau announced a 12-month extension for small businesses to pay back emergency loans offered during the pandemic.

(BC Restaurants and Food Services Association President and CEO Ian Tostenson. Photo credit BCRFA.)

BC Restaurants and Food Services Association President, Ian Tostenson believes some lobbying from Victoria likely went a long way in making this possible.

“I know they went to bat for us. We asked them several times and they did so as much as we know this is a federal decision, I think there was a lot of pressure applied by our own premier and minister of small business.”

“I haven’t talked to a business that had $40,000 in the bank to pay back. To put it mildly, they were freaked out about how they were going to pay it. I think we were going to see a lot of businesses pack it in and say it is not worth it. So, I think this was a major, major announcement.”

Tostenson added with some areas losing foot traffic and even their businesses to the wildfires, getting the extension was a must-have – especially in the Okanagan and Shuswap regions.

“There were businesses that were just killed tourism-wise that had no revenue. And so, they were not only having a hard time paying it back in the first place but now they had tourism dropped off to nothing and they are in really tough shape. I think this is great.”

At first, the payments offered up to $40,000 to small businesses and non-profits that have experienced a loss of revenue due to COVID-19, with that amount later expanded to $60,000 in interest-free loans.

Something going on in the Prince George area you think people should know about?
Send us a news tip by emailing [email protected].

Brendan Pawliw
Brendan Pawliw
Since moving to Prince George in 2015, Brendan has covered local sports including the WHL’s Prince George Cougars, Prince George Spruce Kings, UNBC Timberwolves, Cariboo Cougars AAA, and Northern Capitals U18 female hockey teams. Career highlights include play-by-play during the Spruce Kings' BCHL championship runs in 2018 and 2019, including the Doyle Cup win. He also covered the 2019 National Junior A Championship, the 2017 Telus Cup, the 2022 World Women’s Curling Championship, and the 2022 BC Summer Games. Brendan is the news voice on 94.3 The Goat and Country 97 FM, reporting on crime, real estate, labour, and environmental issues. Outside of work, he officiates box lacrosse and fastball, sits on the Prince George Sports Hall of Fame board, and co-hosts the Hockey North podcast.

Continue Reading

cjci Now playing play

cirx Now playing play

- Advertisement -

Related Articles

- Advertisement -

Latest News

Spruce Kings road woes in Chilliwack reach another low

Another trip to the Fraser Valley turned out to be a bust as the Chilliwack Chiefs tallied five un-answered goals enroute to a 6-2 victory Friday night to begin the BCHL regular season.

Infrastructure, housing, UNDRIP will top agenda as local governments meet in Victoria next week

Members of local governments and First Nations are gathering in Victoria next week for the annual Union of B.C. Municipalities (UBCM) convention.

B.C. Conservatives support federal bill to classify intimate partner killings as first-degree murder

B.C. politicians are voicing support for a federal Conservative bill that would classify the killing of an intimate partner as first-degree murder. 

PG Fire Centre expects wildfire season to last another month

While we are heading into the fall season, the wildfire season is expected to continue.

Mavrik looking forward to PG Cougars home opener after returning from cancer treatment

It's been an exciting week for 3-year-old Mavrik, who continues his battle against against high-risk neuroblastoma.
- Advertisement -