The negative impact of the pandemic is still not over for many small businesses.
That’s according to a new report from the Canadian Federation of Independent Business.
While the Canada Emergency Business Account or CEBA (See-buh) loans helped many businesses survive the pandemic, the looming deadline to repay those loans is causing them more grief.
Brianna Solberg, a Director for Legislative Affairs with CFIB, explains.
“According to a recent CFIB survey, over eight thousand Manitoba small businesses, which is 19% of all small businesses in Manitoba, could be at risk of closing their doors unless the federal government changes the deadline to repay the Canadian Emergency Business Account Loan.”
The CFIB has asked the federal government to consider extending the repayment deadline from December 31st of this year to December 31st of 2024 or, better yet, 2025.
They also asked for the debt forgiveness to be increased to 50 per cent from 33 per cent and for an appeal process to be established.
For more on small businesses and CEBA loans, listen to Thompson Today this afternoon at 12:40 and 5:10.
