(TRI-CITIES) November 6, 2023 — The Tri-Cities Chamber of Commerce is urging local businesses and community members to sign the online petition urging the federal government to extend the partial loan forgiveness deadline for CEBA (Canadian Emergency Business Account) small business loans.
"Now is not the time to recall loans for struggling businesses. We are urging our Chamber members, all local businesses, and our wider community to sign this federal petition calling for an extension for the CEBA partial loan forgiveness deadline," said 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 puts many small businesses at risk of having to close their doors."
Initiated by the Prince Rupert Chamber of Commerce, the national Parliamentary Petition e-4624 is sponsored by MP Taylor Bachrach, and open for signatures until December 5, 2023. It requires a minimum of 500 signatures, but has an increased likelihood of success with more. The Tri-Cities Chamber and Prince Rupert Chamber are active members of the BC and Canadian Chambers of Commerce, advocating together with their counterparts across the province and country on issues affecting business.
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.
For the latest information on the CEBA loan program, visit https://ceba-cuec.ca/.
- October 20, 2023: Tri-Cities Chamber applauds Premier Eby’s demand for small business CEBA loan extension
- 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
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.