TORONTO — Roughly 200,000 small businesses took on new debt to refinance their Canada Emergency Business Account loans to access the forgivable portion of the loan, says the Canadian Federation of Independent Business.
CFIB president Dan Kelly says many businesses that had to borrow to repay their CEBA loans are facing high interest rates and will be challenged to meet their payment obligations.
More than 50,000 small businesses are also pursuing a special extension to Thursday as they are in the process of refinancing. The federal government provided interest-free loans to small businesses to help recover from losses during the COVID-19 pandemic. Businesses that met the Jan. 18 repayment deadline could access 25 per cent forgiveness of their loans.
Corinne Pohlmann of CFIB says Ottawa should do more to help businesses deal with the high cost of operations and provide concrete financial relief measures in the upcoming federal budget.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business confidence dips further on recession fears: CFIB surveyA new survey suggests the confidence among Canadian small businesses has dipped to levels not seen since the early pandemic and the 2008 recession.
Read more »
Small businesses owed $300 million in stalled carbon tax rebates, CFIB saysThe CFIB is bringing attention to billions in carbon tax rebates that have yet to be distributed back to small and medium-sized businesses across Canada by the federal government.
Read more »
Deepsea eruption expected off Vancouver Island after 200 earthquakes in an hourScientists believe hot magma will erupt under the Pacific Ocean floor in deep waters off Vancouver Island after they detected up to 200 small earthquakes per hour in the area.
Read more »
Deep-sea eruption expected off Vancouver Island after 200 earthquakes in an hourAn eruption of magma under the Pacific Ocean floor far off Vancouver Island will be so hot the water will fizz but only scientists will notice.
Read more »
200 tonnes of aid is headed to Gaza by sea — with no port to unload itPalestinian children wait to receive food cooked by a charity kitchen amid shortages of food supplies, as the conflict between Israel and the Palestinian Islamist group Hamas continues, in Rafah, in the southern Gaza Strip on March 5, 2024.
Read more »
Whale Thought To Have Gone Extinct In The Atlantic Spotted Again After 200 Years Of AbsenceThe 1st of March, 2024 will definitely be marked as a very special day in history. New England Aquarium scientists were flying 30 miles south of Nantucket when they sighted a gray whale off the New England coast: a species that was thought to have been extinct in the Atlantic for more than 200 years.
Read more »