Even with an extension, the deadline for repayment of government\u002Dbacked CEBA loans is challenging local entrepreneurs.
Small businesses in the Ottawa area are still not back to pre-pandemic levels. It’s a combination of many things: government workers only back in the office part-time — which severely affects businesses surrounding those offices; increased online-versus-mainstreet shopping habits; increasing interest rates; and people being more careful with their money as they prioritize their finances the same way small businesses do.
“I’m grateful for the first repayment extension. I intend to honour this loan, however another extension not only would relieve a lot of the stress, but it would mean that more businesses would realistically be able to repay it,” said Underwood.Article content A one-size-fits-all approach on repayment terms that doesn’t take into account local intricacies will severely and permanently affect businesses from cities that were disproportionately affected by the pandemic, such as Ottawa.Article content
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