The deadline to repay the Canada Emergency Business Account (CEBA) loan interest-free by the end of the year is fast approaching. This loan was a lifeline for many businesses during the pandemic, but with almost half of all small businesses making below normal revenues, the upcoming repayment date will yield yet another challenge.
According to the Canadian Federation of Independent Business, only 10% of businesses that took on a CEBA loan have been able to repay it back entirely, while over half won’t be able to repay their loan by the end of 2023.
If the CEBA loan is not repaid by December 31, 2023, business owners will lose the “up to 33%” in loan forgiveness (maximum of $20,000) and start accumulating interest during the period of January 1, 2024 to December 31, 2025.
The Gibsons & District Chamber of Commerce has an opportunity to have the voices of Sunshine Coast business owners heard at a federal level. We will be holding a round table with MP Patrick Weiler to discuss the challenges facing Sunshine Coast businesses.
We are calling all Sunshine Coast business owners who have a CEBA loan to reach out and let us know about the challenges you are / will be facing with the upcoming loan repayment deadline.
If you are interested in attending the round table discussion, please let us know in your email. The deadline for emails before the roundtable is July 10, 2023.
Send your email to email@example.com
Subject: CEBA Loan Repayment Challenges to