(TRI-CITIES) October 20, 2023 — The Premiers of every province and territory across our nation agree that the repayment deadline for CEBA (Canadian Emergency Business Account) loans for struggling businesses needs to be extended by the federal government. The Tri-Cities Chamber of Commerce applauds BC Premier David Eby for joining the fight for an extension by signing a joint letter to the Prime Minister today.
"For months, the Tri-Cities Chamber has been tirelessly advocating for a two-year extension on the repayment of these loans, and maintaining the forgivable portion. It's great to finally see Premiers across our nation uniting to take action on this with the Prime Minister," says Leslie Courchesne, CEO of the Tri-Cities Chamber. "Small business owners need to survive and recover from the effects of the pandemic, the extraordinary rising costs of doing business, supply chain disruptions, and other challenges. Calling in these loans too early will have dire consequences for our small businesses, who are the backbone of our economy. What we need now is stability."
In September, the Chamber commended Port Moody City Council for passing a motion urging the federal government to take action to extend the CEBA loan repayment deadline and partial loan forgiveness to the end of 2025. Council urged the Federation of Canadian Municipalities and Union of BC Municipalities to join the call for an extension.
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. Eligible CEBA borrowers in good standing who pay their loans back on time can achieve loan forgiveness of up to 33 percent (up to $20,000).
In September, the federal government announced a mere 18-day extension to the original December 31, 2023 deadline for most businesses, to January 18, 2024. And for those businesses that can secure refinancing, it only extends it until March 28, 2024.
Businesses that do not repay the loan in full by the deadline will lose the forgivable portion of up to $20,000, and the loan will convert to a new low-interest loan. This announcement did extend the repayment of these new, refinanced loans by an additional year to December 31, 2026.
Read the Premiers' joint letter here.
For the latest information on the CEBA loan program, visit https://ceba-cuec.ca/.
Related stories:
- September 15, 2023: Tri-Cities Chamber says CEBA loan extension doesn't go far enough
- July 24, 2023: Call to extend CEBA loan repayment deadline by two years: Tri-Cities Chamber signs joint letter to Deputy Prime Minister
- July 2, 2023: Tri-Cities Chamber calls for CEBA loan repayment extension for business
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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.
For more information, contact:
Leslie Courchesne, Chief Executive Officer
Tri-Cities Chamber of Commerce
ceo@tricitieschamber.com
604.468.6870