A business group says there is panic among small business owners who fear they can\u0027t afford to repay loans due this year.
The CFIB does regular surveys of its members and Kelly said many of them believe repaying on time is going to be a major challenge.
“Some of them are looking at borrowing money in order to repay their loan, if they don’t have it, and so there are all sorts of companies out there right now offering crazy, high-interest loans,” he said. The National Post asked the finance department for updated numbers on how many businesses have paid back the loans, how many the government forecast could default and how much is still outstanding, but they provided none of those figures.
Businesses that miss this year’s deadline will lose the debt forgiveness and will begin paying five-per-cent interest for two years, before the full loan becomes due at the end of 2025. While the government could not provide numbers, financial statements from Export Development Canada, which housed the program, priced the cost to the government at $13.1 billion, estimating that is how much of the initial $50 billion would be forgiven.
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