(OTTAWA) July 24, 2023 — The Tri-Cities Chamber of Commerce, along with more than 250 organizations representing hundreds of thousands of businesses across Canada, is calling on the federal government to extend the repayment deadline for CEBA (Canadian Emergency Business Account) loans for businesses. The group jointly signed an open letter to Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland today.
The letter follows the Tri-Cities Chamber statement on July 2 urging the federal government to grant this two-year extension.
"The lasting effects of the pandemic, and continued challenges including disruptions to supply chains, rising inflation and interest rates, labour shortages, and more are making it very difficult for many businesses to repay their CEBA loans by the end of 2023," said Leslie Courchesne, CEO, Tri-Cities Chamber. "On behalf of our member businesses, I urge the federal government to extend the repayment deadline to the end of 2025. Businesses need more time. Let's not hurt our economy by losing the very businesses that this program was meant to save."
In response to the COVID-19 pandemic's effect on the economy in 2020, the Government of Canada launched the CEBA loan program, with eligible businesses receiving up to a $60,000 interest-free loan. The current deadline to repay the loan on or before December 31, 2023, for eligible CEBA borrowers in good standing, will result in loan forgiveness of up to 33 percent (up to $20,000). For the latest information on the CEBA loan program, visit https://ceba-cuec.ca/.
Read the full letter to Deputy Prime Minister and Minister of Finance Chrystia Freeland here.
Since 1971, the Tri-Cities Chamber of Commerce has been the largest business association serving Coquitlam, Port Coquitlam, Port Moody, Anmore, and Belcarra, now representing 1,000+ organizations from every sector. The Chamber works to foster economic development, provide connections and benefits, and influence public policy at all levels of government to ensure strong business and strong communities. The Tri-Cities Chamber is an active member of the BC and Canadian Chambers of Commerce.