Premiers from across Canada are calling on the federal government to extend the Canada Emergency Business Account (CEBA) repayment for small businesses which are struggling in the current economic environment. BC Premier David Eby has been joined by all the other premiers in Canada calling on the federal government to extend loan repayments.
By DESIBUZZCanada Staff
VICTORIA – Premiers from across Canada are calling on the federal government to extend the Canada Emergency Business Account (CEBA) repayment for small businesses which are struggling in the current economic environment.
BC Premier David Eby has been joined by all the other premiers in Canada calling on the federal government to extend loan repayments.
Through the pandemic, the federal government’s CEBA offered interest-free loans to small businesses and not-for-profit organizations. The repayment deadline for CEBA loans to qualify for partial loan forgiveness is Jan. 18, 2024.
“Canadians are feeling squeezed by the rising cost of housing, groceries and other daily essentials. It’s no different for small businesses,” said Premier Eby. “Just when many small businesses are starting to find their feet after the pandemic, they’re now being walloped by rising inflation and interest rates. That’s why I’m joining other premiers in asking the federal government to give small businesses a chance to recover with more time to qualify for loan forgiveness and by extending CEBA loan repayments for another year.”
Today’s letter from Premier Eby follows a recent request, echoed by premiers Doug Ford of Ontario and Andrew Furey of Newfoundland and Labrador, that the Bank of Canada consider the human impact of further rate increases, and the potential for additional rate increases to drive up housing costs.
“Whether it’s homeowners and renters, or small businesses struggling to recover, we need to support people in these difficult times,” Premier Eby said. “I would like to thank the other premiers in joining this very important request of the federal government and I am confident that Prime Minister Trudeau will respond positively to support small businesses.”
The call from premiers to extend the deadline on CEBA loan repayments comes during Small Business Week, a time to recognize and celebrate the contributions of small businesses to communities and Canada’s economy.
Quick Facts:
* In British Columbia, 122,890 businesses were approved for CEBA loans worth more than $6.6 billion.
* In 2022, small businesses contributed 34% to B.C.’s Gross Domestic Product (GDP), higher than any other province.
