In the Atlantic region, there's a growing demand for extending the repayment deadline for pandemic CEBA loans. The Canada Emergency Business Account (CEBA) provided interest-free loans up to $60,000 to struggling small businesses during the height of the pandemic. The federal government recently extended the deadline by 18 days for partial loan forgiveness.
Business owners, including Bill Pratt, are finding the extended deadline insufficient. Pratt, the owner of over 20 restaurants, says many businesses struggle to repay these loans. He emphasizes that the extended deadline doesn't provide enough relief and that businesses shouldn't be forced into taking on high-interest private loans to meet the deadline.
Advocates, including the Premier of British Columbia and the Canadian Federation of Independent Business, call for further extensions. They argue that many small businesses still grapple with pandemic-related debt and need more time to recover.
Richard Alexander, the executive vice-president of government relations and public affairs of Restaurants Canada, highlights the need for an extended deadline, given that many restaurants are still not profitable. Business owners like Pratt are pushing for an extension of at least one year and removing or reducing interest rates.
The consensus is that more support is necessary to help businesses navigate these challenging times.
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