ELMIRA -- Organizers of the Elmira Maple Syrup Festival say they want to err on the side of caution as fears of COVID-19 spread.

With almost 70,000 people expected to flood the streets for the event, the organizing committee says they had to think with their heads, not their hearts.

Businesses in the area, though they understand the decision, say they're going to feel the impact.

"We make the most revenue, hands down, that day," says Leslie Brown, the owner of Local Renaissance.

Along Arthur Street, about 100 vendors and 1,500 volunteers make the day happen.

That's on top of the tens of thousands of visitors.

"Of course with that many people crowded on the street, it could spread real easily," says Chair of the organizing committee Doug McLean.

Local hotels say they're losing business—at Holiday Inn Express and Suites, there have already been about 10 room cancellations.

Staff there says that many people are choosing to postpone their stay.

"The safety and security of our guests and also our staff is our utmost priority," says Naushad Ismail.

A risk assessment recommended by the Public Health Agency of Canada was what led to the decision to cancel the event.

The organizing committee says it's already gearing up for next year's festival.

The proceeds from the festival go to local charities. The committee will meet next week to talk about other ways they can raise money.