NDP Calls for CEBA Loan Extension

With another interest rate increase, NDP calls for an extension on CEBA loans to help small businesses

OTTAWA – On Wednesday, the Bank of Canada raised interest rates again, putting even more strain on small businesses trying to keep up with their rent and mortgages. In a move to help small businesses, Canada’s NDP sent a letter to the Minister of Finance calling on her to extend the Canada Emergency Business Accounts (CEBA) loan payment deadline by a year.

“Local businesses are a driving force in Victoria – they offer jobs, deliver key services and products, and are instrumental to our local economy,” said NDP MP Laurel Collins (Victoria). “These businesses that uplift our community have had to survive a few really tough years. For many, like Singing Bowl Granola who’s been helping the community where they can, CEBA was there to help them do it. But now, when operating bills are increasing, and the economy has only started to bounce back from a global pandemic, it’s not the time to ask business owners to take on more costs.”

CEBA needs to be repaid by the end of the year if owners are still eligible for a 33 per cent loan forgiveness of up to $20,000 and avoid five per cent interest on the outstanding loan. But, if forced to pay now, nearly 47 per cent of Canadian Federation of Independent Businesses (CFIB) members in British Columbia could be at risk of going out of business.

“Small business owners have watched while the Liberals have bent over backwards to help the largest chains and companies in the last few years while leaving locals in the lurch,” said NDP MP Alistair MacGregor (Cowichan – Malahat – Langford). “The least they could do is push back the CEBA payment deadline to give those who’ve relied on CEBA, like the Farm Table Inn in Lake Cowichan, a fighting chance with the cost-of-living crisis.”

“Small business owners, and New Democrats, are tired of watching both the Conservatives and Liberals make big promises and then only work for the ultra-wealthy,” said NDP MP Randall Garrison (Esquimalt – Saanich – Sooke). “It’s wrong – and it doesn’t need to be like this. The NDP wants to see the scales tipped in favour of everyday local shop owners and extending the CEBA deadline would be a good first start.”
To reach Laurel Collins and her team, reach out to Laurel.Collins@parl.gc.ca or 250-363-3600. Follow Laurel's work on Facebook, Instagram, Twitter, or subscribing to her eNewsletter.