Businesses are running out of time to pay back CEBA loans, and failure to pay by the deadline may force thousands to shut for good. Read on.
But even those owners that do manage to repay their CEBA balance by the deadline say it will cause them hardship. Of the 47 per cent who plan to pay off their loans by Dec. 31, close to half say it will be a struggle. Another 59 per cent think having to come up with the cash will prevent them from getting their businesses back to pre-pandemic revenues — a feat that has proven difficult for many.
“The message from small businesses is loud and clear,” Dan Kelly, CFIB president said in a news release. “They need more time to repay their CEBA loan.” As it is, the loan has become an added source of worry for small business owners now dealing with inflation, high interest rates and the threat of a recession, not to mention labour shortages.
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