Earlier this year, the Federal Government extended the Canada Emergency Business Account (CEBA) repayment deadline for the small business pandemic loan program to January 18, 2024 – an extension of a few weeks. This loan was created as a result of the COVID-19 pandemic decimating small businesses.
“Many businesses are not able to repay the full loan amount, placing an incredible burden on businesses,” said Anita Huberman, President & CEO, Surrey Board of Trade. “We need the Federal Government to extend the loan payment period to December 2024.”
“Many businesses that used the loan are just starting to see returned growth but with Canada’s economy contracting, high inflation rates, high interest rates, and supply chain issues, it is not feasible to expect businesses to have the capital to repay the entire loan in a year’s time.”
Starting January 1, Canadians and small businesses will face higher costs due to increased Employment Insurance and CPP. Additionally, the federal carbon tax and liquor tax will increase on April 1. These measures on top of interest rates, inflation, supply chain issues, and CEBA repayment, become the perfect storm for businesses who may be forced to close, further contracting our economy.
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Anita Huberman, 604-634-0342, anita@businessinsurrey.com
