by Morinville Online Staff
More than 30,000 Canadian business owners have signed a Canadian Federation of Independent Business (CFIB) petition urging the Canadian government to extend repayment of Canadian Emergency Bank Account loans, due in five months on Dec. 31, 2023.
Small business owners who fail to pay by the deadline will lose the up to $20,000 forgivable portion and pay the entire amount at a 5% interest rate.
“Just in the last few weeks our petition was signed by more than 11,000 business owners calling Ottawa to extend the deadline. In total, over 30,000 businesses signed the petition calling for improvements to pandemic supports, including the need to extend CEBA loans, since it was introduced. Businesses can’t wait any longer. They need a clear answer from Ottawa now,” said CFIB Executive Vice-President Corinne Pohlmann. “We’re not asking for total loan forgiveness—just more time. If businesses are forced to close because of their pandemic debt, government will not be able to recoup that money. It’s a win-win situation if businesses are allowed more time to repay.”
A joint letter was sent last week by more than 250 business associations to Deputy Prime Minister Chrystia Freeland calling for more time to repay CEBA loans while keeping the forgivable portion.
CFIB is seeking a CEBA loan extension to the end of December 2025 or at least 2024.
“Small businesses have to deal with high interest rates, inflation and shortages of labour. Most recently, many were hit by the supply chain disruptions caused by the strike at BC ports. They’re suffering one blow after another. How much more do they need to endure before Ottawa realizes it needs to extend the CEBA loan repayment deadline to provide some reprieve?” said CFIB Director of National Affairs Christina Santini.
Business owners interested in signing CFIB’s petition to extend the repayment deadline can do so here.
