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.
Sign up for our Daily News Alerts to receive relevant industry news, articles, and previews for our next issue of Home Improvement Retailing. Delivered directly to your inbox. Subscribe here.