The Surrey Board of Trade says it is urging Ottawa to again extend the fast-approaching repayment deadline for emergency pandemic loans it says many small businesses won't be able to repay without shuttering.
Posted: Jun 23, 2023 7:00 AM EDT | Last Updated: 10 hours ago
About 890,000 small businesses and non-profits across Canada received more than $49 billion in loans through the CEBA program, according to a spokesperson for the federal finance ministry. Surrey Board of Trade President Anita Huberman says businesses are facing a 'perfect storm' of pressures and need more time to repay their federal loans.
In a statement to CBC News, a spokesperson for the federal finance ministry declined to comment on whether the deadline would be extended again. Nela Hallwas says a federal loan was a lifeline for XBa Dance Centre during the pandemic, but her business hasn't recovered enough to even begin to repay it by the end of this year.Recovery is still ongoing for Nela Hallwas's inclusive dance studio for children and adults in South Surrey.
But since then, she says her bank told her she has to repay the entire amount, which she can't without cashing out her retirement savings.
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