1 in 5 small business owners in B.C. say they can't pay back CEBA loan: CFIB
The Canadian Federation of Independent Business says about 23 per cent of small businesses in B.C. are unable to repay the Canada Emergency Business Account, or CEBA, loan before Jan. 18.
Emily Boston, a policy analyst with CFIB, said the organization has been inundated with calls from business owners in the last few days.
“We’re hearing a lot of concern,” she said. “A lot of people saying that they’re not sure if they’re going to be able to make ends meet in time.”
All CEBA borrowers have been given until Jan. 18 to repay the interest-free loan, or it will be converted to a three-year loan from the federal government at five per cent interest, with monthly payments starting immediately.
Peggy Berndt, a co-owner of Cell Clinic.ca, a cellphone repair store, said she believes all levels of government need to approach this economic issue as they would any other crisis.
Berndt penned a letter to local and federal politicians, saying, "COVID is an unprecedented crisis that has worsened for small businesses over time … warranting equitable financial aid through Canada's Disaster Assistance Program." In the event of a large-scale natural disaster, the program acts as a way for the feds to provide financial assistance.
“Nobody has come to the aid of small businesses in a big way like they would with other large-scale disasters, and that’s the difference,” Berndt said.
According to the CFIB, the average small business is carrying over $100,000 in debt. Boston said it’s unfortunate to hear how many local, independent businesses are struggling in this economic climate.
“It’s really unfortunate because we have to remember why this loan was offered in the first place,” she said. “That was to make sure these businesses didn’t close their doors, and now, a couple years later, something that was supposed to be a lifeline for them, is going to sink many small business owners.”
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6976926.1721883767!/httpImage/image.png_gen/derivatives/landscape_800/image.png)
LIVE UPDATES Critical infrastructure 'successfully protected': Jasper park officials
Jasper National Park officials in an update said all critical infrastructure in the townsite has been "successfully protected, including the hospital, emergency services building, both elementary and junior/senior schools, activity centre and wastewater treatment plant."
BREAKING Canadian Olympic Committee removes women soccer team's head coach following drone incident
The Canadian Olympic Committee has removed women's national soccer team head coach Bev Priestman, according to a press release from the organization.
Prince William's 2023 salary revealed in new report
Newly released financial reports show that William, the Prince of Wales, drew a salary of $42.1 million last fiscal year, his first since inheriting the vast and lucrative Duchy of Cornwall.
Alberta premier says a third, perhaps half, of all Jasper buildings destroyed by fire
Alberta Premier Danielle Smith says early reports indicate a third and perhaps up to half of all buildings in the historic Rocky Mountain resort town of Jasper have burned in a wildfire.
OPINION Prince Harry: Press intrusion and the family rift explored in new doc
Prince Harry, the Duke of Sussex, has once again found himself at the centre of media attention following his recent interview as part of 'Tabloids on Trial,' an ITV documentary on phone hacking and tabloid intrusion.
Yukon woman narrowly escapes bear attack, credits hair clip
A woman in Yukon believes her hair clip helped save her during a bear attack.
Tourist suffers 3rd-degree burns to feet after losing flip flops amid soaring temperatures in Death Valley
A tourist was hospitalized after suffering third-degree burns on his feet on Saturday when he lost his flip flops at a national park in California where temperatures soared past 50 C.
Former judge with disputed Cree heritage likely has Indigenous DNA: law society
The Law Society of British Columbia says a DNA test shows a former judge and Order of Canada recipient accused of falsely claiming to be Cree "most likely" has Indigenous heritage.
Australian field hockey player opts to amputate part of his finger in order to compete in Paris Olympics
In the run up to the Paris Olympics, athletes have been stepping up their preparations in order to maintain their edge over competitors. But for Australia’s Matt Dawson, those preparations looked a little different this year, with the field hockey player opting to have part of his finger amputated in order to compete in the Games.