Thank you, Mr. Chair.
My question is for Mr. Foley. It's about a concern he raised in his presentation, the repayment deadline for loans provided through the Canada emergency business account, or CEBA.
You were clear that things still hadn't returned to normal for the industry and members of your association. Tourism declined because of the pandemic, and the impact is still being felt. Now, on top of inflation, interest rates are higher. As is the case throughout the economy, members of your association are dealing with not just higher costs, but also lower revenue given that things haven't returned to prepandemic levels. The government is saying now is the time to repay the loans. It pushed the deadline by a few weeks, but that was more symbolic than anything else.
On behalf of the members you represent, could you tell us how this repayment deadline is affecting businesses? Will some businesses that would have otherwise been able to stay afloat have to close their doors?