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
Blockade briefly stops Pride Parade in downtown Winnipeg
A group of protesters briefly blocked the Winnipeg Pride Parade on Sunday.
Do this once a month and extend your life by up to 10 years. No gym required
Research shows that art experiences, whether as a maker or a beholder, transform our biology by rewiring our brains and triggering the release of neurochemicals, hormones and endorphins.
'The legacy I want to leave:' Mother with Stage 4 cancer advocates for survivors
People around the world are observing National Cancer Survivor Day, an annual celebration held to honour patients who have been through the often difficult and traumatic experience of living with cancer.
Ryan Reynolds has declared 'War of the Popcorn Buckets.' He's honestly onto something
Ryan Reynolds this week unveiled arguably the most anticipated and sure-to-be coveted merchandise tied to his upcoming 'Deadpool' sequel: the movie’s novelty popcorn bucket.
Motorcycle doing wheelies, weaving in, out of traffic caught on Highway 417
A motorcycle driver is facing charges after being caught on Highway 417 doing wheelies and weaving in and out of traffic, the Ontario Provincial Police (OPP) says.
Trump's attacks on U.S. justice system after his conviction could be used by autocrats, say experts
After his historic guilty verdict in his hush money case, Donald Trump attacked the U.S. criminal justice system, making unfounded claims of a "rigged" trial that echoed remarks from the Kremlin.
A CBSA strike could soon snarl border traffic. Here’s what you need to know
Just as the summer travel season gets into gear, Canadians and visitors could find themselves waiting in long lines at the border — delays that could also deal a blow to the economy.
Oilers expect Stars to push back in Game 6 of Western Conference final
With the chance to close to set a date with the Florida Panthers in the Stanley Cup final, Oilers coach Kris Knoblauch believes his team will have to step up their efforts even more. What was good enough Friday in Dallas won’t be good enough in Game 6.
Bathroom break nearly derails $22 million project at city council meeting
A brief break during Wednesday's city council meeting in Saskatoon nearly cost the city dearly.