Canada’s NDP sent letter to the minister of finance calling for a year extension on the payment deadline for the Canada Emergency Business Accounts (CEBA) loans as Canadians face another interest rate increase this week from the Bank of Canada, and sky-high bills.
A media release from the NDP stated that wildfires have now left many local businesses without supplies.
“Local shop owners really feel like the Liberals have left them behind because while small businesses have had to plead for help, the Liberals hand out money to rich companies without being asked,” stated North Island-Powell River MP Rachel Blaney. “The least the government could do is extend the CEBA repayment deadline.
"The Conservatives have shown they don’t have people’s backs; they’d rather stack the deck even more in favour of mega-corporations. But if local businesses are going to make it through this, and keep bringing jobs to our communities, something has got to give, which is why New Democrats are fighting to extend the CEBA deadline to help keep the doors of local shops open.”
The release stated that the CEBA needs to be repaid by the end of the year if owners are still eligible for a 33 per cent loan forgiveness of up to $20,000 and avoid five per cent interest on the outstanding loan. If forced to pay now, nearly 47 per cent of Canadian Federation of Independent Business members in British Columbia could be at risk of closing, the release stated.
