Remember when nearly every medical expert said assured us that the economy will just “recover” from the lockdowns? Inexplicably, a growing number of companies did not get that memo. As for what the future holds, just wait until all those pandemic assistance loans come due.
“We’re seeing bankruptcies up 116 per cent year-over- year,” said Tostenson, and less than 50 per cent of all restaurants in a recent survey were making money.
“A lot of business owners took those loans on the premise (business) would come back,” noted Tostenson. “And it did for a couple of months, but then inflation kicked in.”
The hospitality entities listed in the petition currently owe BMO about $13.6 million, while Bomber Brewing owes $1.25 million, according to the petition. Their monthly debt servicing payments total about $295,000 a month.
A great comment by John”: “Its nothing dancing healthcare workers can’t fix..”