Yes. I won't be too long. Thank you, Mr. Chair.
I have just two things. I know that there was a discussion about the BDC loan, the $6.25-million loan. The problem with that process is that it's impossible, or very, very tough, to get it. You have to qualify with a financial institution. From a hotel point of view, we're not going to qualify today. We don't have the income. The value of our hotel, which is tied directly to income, has dropped sufficiently enough. The hotels usually have a first mortgage anyway, so to be able to top that up is extremely tough. There has to be a forgivable portion on it.
The other issue is the guarantees. What they've been asking for is personal guarantees, both on that loan and also on the COVID working capital loan that BDC has been offering. We are in the process right now of trying to get them, but it's extremely difficult. It's not an easy thing to do. I know that a lot of my fellow hoteliers are just giving up. They've actually been turned down. They did the application and they got turned down right away. It has been a real challenge.
The other thing I want to add is with respect to the 70% that Mr. Lefebvre was talking about. That's similar to what I was talking about on the hotel side. We need to get back to some level before this wage subsidy program is terminated.
Thank you.