Jan 12, 2024
CEBA repayment deadline coming without reprieve
With one week left until the Canada Emergency Business Account (CEBA) repayment deadline on January 18, it's highly unlikely the federal government will provide small businesses more time to repay their loan in order to keep the forgivable portion, says the Canadian Federation of Independent Business (CFIB).
"Following many conversations with government, I'm convinced there won't be any last-minute extension to the current January 18 deadline," says Dan Kelly, CFIB president. "For business owners who remain eligible, now is the time to repay if you possibly can. There's only one week left to repay the loan while securing the up to $20,000 forgivable portion. And with over 900,000 small businesses holding CEBA loans and 22 percent not in a position to repay at this time, this decision has huge implications for Canada's economy."
CFIB has been flooded with calls from panicked small business owners who are struggling to repay their loans and getting inconsistent answers and little help from government and banks.
For more information, visit CFIB.
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.