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Sept 29, 2023

80% of small businesses found CEBA changes unhelpful

Recent data from the Canadian Federation of Independent Business (CFIB) reveals that 80% of small businesses were dissatisfied with the federal government's modifications to the Canada Emergency Business Account (CEBA) repayment deadline. CFIB president Dan Kelly noted that small business owners' requests for a repayment deadline extension to retain the forgivable portion were not met, despite their pleas to government officials. 


87% of small businesses expressed a need for an extension of the forgivable deadline until the end of 2024. CFIB's survey findings indicated that one-third of businesses could repay their CEBA loans on time, while another third planned to borrow funds to access the forgivable portion, with financial institution refinancing (61%) and home equity (19%) as preferred methods. Nearly two-thirds (65%) anticipated difficulties in meeting the current forgivable deadline of January 18, 2024. 


CFIB is actively advocating for a further extension of the CEBA forgivable deadline and has gathered over 46,000 signatures on its petition from small business owners across Canada urging the government to act promptly.

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