Close to 80 percent of Canada’s small businesses need extra time to repay emergency pandemic relief loans without interest charges, according to the Canadian Federation of Independent Business (CFIB).
CFIB said in a May 10 news release that the deadline to repay the Canada Emergency Business Account (CEBA) loan on an interest-free basis expires by the end of the year. The program, which cost $42.9 billion, gave loans to business owners who needed financial help to operate during lockdown orders by the government due to COVID-19.
According to CFIB, “78% of small business owners report that getting extra time to repay their CEBA loan will increase the likelihood of their business’ survival.”…