Close X
Wednesday, December 4, 2024
ADVT 
National

Premiers ask federal government for COVID-19 small business loan extension

Darpan News Desk The Canadian Press, 20 Oct, 2023 12:54 PM
  • Premiers ask federal government for COVID-19 small business loan extension

Canada's premiers have sent a joint letter to Prime Minister Justin Trudeau asking the federal government to extend the repayment period for a year for interest-free loans given to small businesses and non-profits during the pandemic.

The federal government's Canada Emergency Business Account offered interest-free loans of up to $60,000 to small businesses during the COVID-19 pandemic. 

B.C. Premier David Eby said in a letter Friday signed by all the premiers that small businesses, like most other Canadians, are feeling squeezed by the rising cost of housing, groceries and other daily essentials, and just when they are starting to recover after the pandemic they are facing higher inflation and interest rates.

"That’s why I’m joining other premiers in asking the federal government to give small businesses a chance to recover with more time to qualify for loan forgiveness and by extending CEBA loan repayments for another year."

The repayment deadline for the emergency loans to qualify for partial loan forgiveness is Jan. 18, 2024.

The emergency business program approved $49.2 billion in loans to small businesses and not-for-profits during the pandemic. 

The letter follows the recent request by premiers Doug Ford of Ontario and Andrew Furey of Newfoundland and Labrador, that the Bank of Canada consider the human impact of further rate increases, and the potential for additional increases to drive up housing costs, Eby said.

"Whether it’s homeowners and renters, or small businesses struggling to recover, we need to support people in these difficult times," Eby said in the letter. "I would like to thank the other premiers in joining this very important request of the federal government and I am confident that Prime Minister Trudeau will respond positively to support small businesses."

The federal government's website says Ottawa approved CEBA loans of $40,000 and $60,000 for 898,271 businesses and the number of businesses approved for expansion loans of $20,000 was 571,851.

MORE National ARTICLES

Federal Court hearing arguments on deportation of truck driver in Broncos crash

Federal Court hearing arguments on deportation of truck driver in Broncos crash
The case of a former truck driver who caused the deadly Humboldt Broncos bus crash is in Federal Court, where arguments are being heard today over his possible deportation. Jaskirat Singh Sidhu was sentenced in 2019 to eight years after pleading guilty to dangerous driving causing death and bodily harm in the Saskatchewan crash that killed 16 people and injured 13 others. 

Federal Court hearing arguments on deportation of truck driver in Broncos crash

3 teens allegedly assaulted on a bus: Nanaimo RCMP

3 teens allegedly assaulted on a bus: Nanaimo RCMP
The Nanaimo R-C-M-P have released a photo as they seek help identifying a man who allegedly assaulted three teens on a bus late last month. Mounties say R-D-N Transit reported that there was an interaction between the man and the teens ranging in age from 13 to 16.  

3 teens allegedly assaulted on a bus: Nanaimo RCMP

Ongoing cases of online sexual extortions in North Vancouver

Ongoing cases of online sexual extortions in North Vancouver
Police in North Vancouver are warning residents of ongoing cases of online sexual extortions targeting youth in the area. Mounties say scammers are targeting males by creating fake female online profiles, luring the victims into performing sexual acts on camera.

Ongoing cases of online sexual extortions in North Vancouver

Critical health violations found in kitchen used by daycares after E. coli outbreak

Critical health violations found in kitchen used by daycares after E. coli outbreak
There have been 264 lab-confirmed cases of the bacterial infection since the outbreak at 11 daycares was declared on Sept. 4. Twenty-five patients are in hospital, 22 of whom have hemolytic uremic syndrome, a complication affecting the blood and kidneys. Six patients are on dialysis at Alberta Children's Hospital.

Critical health violations found in kitchen used by daycares after E. coli outbreak

Illicit drug "superlab" bust in Lumby

Illicit drug
R-C-M-P say they have wrapped up a case that shutdown an illicit drug "superlab" producing huge quantities of methamphetamine and fentanyl in the north Okanagan community of Lumby. In all, six people were convicted of running the lab which Seyed says was capable of producing millions of doses of potentially lethal fentanyl.  

Illicit drug "superlab" bust in Lumby

No charges for Vancouver cop: IIO

No charges for Vancouver cop: IIO
A Vancouver police officer will not be charged for subduing a man who was vandalizing cars, threatening people and damaging property in the city's West End in July 2021. The man suffered cuts to his face and head as well as a broken arm when he was confronted by two officers after numerous people called 9-1-1 to report a person was waving a tree branch and using it to damage cars and threaten other pedestrians.

No charges for Vancouver cop: IIO