As I explained earlier, one thing is certain: the difficulties with the wage subsidy are its comprehensibility and its application in the short and long term. The day this subsidy ends, there will be a problem, because our cash flow needs will still exist. So we have to get this subsidy well regulated and standardized so that we can support the industry for longer.
Measures to facilitate liquidity management were well received. There is no doubt that all levels of government have responded, whether it be regarding municipal taxes, the GST or the QST, in Quebec. These measures must be maintained and their sustainability must be ensured.
Today, we are no longer talking about 30% losses; we have reached losses of 90%. It is therefore obvious that these measures will have to be maintained for the tourism and hotel industry. We'll need some kind of special emergency fund when the industry comes back to life and the economy starts to recover. It is going to take a dedicated fund to help the tourism industry to maintain its businesses, especially small businesses.
We often think of the Royal York in Toronto or the Queen Elizabeth in Montreal, and these large hotels are important, but the overall picture of the hotel industry is a mix of small operators. They are there every day to serve their guests, to promote, to clean rooms and to serve meals. These people will need some kind of fund to help them get back on their feet. Otherwise, they will not be there in three, four, five or six months.