VANCOUVER, B.C., September 14, 2023 - “On behalf of the 100 chambers of commerce and boards of trade that we represent, the decision by the Government of Canada to provide additional flexibility for the repayment of CEBA loans is good news. Access to a term loan with a lower interest rate and the ability to repay the loan over three, rather than two, years will be helpful for small businesses that continue to struggle to recover from the devastating effects of the pandemic.
That said, more could have been done to address the needs of businesses that are at risk of losing the forgivable portion of their CEBA loan. Members of the BC Chamber of Commerce passed a policy resolution1 in June seeking a loan forgiveness extension of one year, for those unable to repay the balance due by the December 31, 2023, deadline. While today’s announcement provided a modest extension, we are concerned it will not deliver what many businesses need.
The BC Chamber of Commerce will continue to advocate for its members and champion the needs of business in British Columbia.”
1 Policy resolution referenced above: EXTEND THE CEBA LOAN FORGIVENESS DEADLINE FOR QUALIFYING BUSINESSES