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
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Broadcaster and commentator Rex Murphy dead at 77: National Post
The National Post is reporting that Rex Murphy, the pundit and columnist who hosted a national call-in radio show for decades, has died.
Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Millions of cyberattacks per hour as B.C. government investigates multiple breaches
Careful attention to government statements and legislation is required to get a handle on the level of risk British Columbians’ information is under, as investigators probe multiple breaches under a continued barrage of attacks.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Debate on abortion rights erupts on Parliament Hill, Poilievre vows he won't legislate
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
New 'Lord of the Rings' film coming in 2026
The Oscar-winning team behind the nearly US$6 billion blockbuster 'Lord of the Rings' and 'The Hobbit' trilogies is reuniting to produce two new films.