The federal government extended the CEBA repayment deadline last year and small business is looking for a second extension. The current CEBA repayment deadline is December 31st. If paid by then, one-third of the loan will be forgiven. If not, the remaining debt would be converted to a two-year loan at five percent interest.
Business groups are looking for another one-year extension, citing higher interest rates and inflation. The provincial NDP Jobs and Economy Critic, Aleana Young has sent a letter to the federal finance minister supporting an extension. She says four out of ten small businesses are still in a difficult position coming out of the pandemic and more than half are making below what they consider normal revenues.