Support Forgiveness for Canadian Businesses: Sign Open Letter to Government | CEBA Loan Relief

Canadian businesses cannot afford additional debt payments currently. Please support forgiveness by signing our open letter to the Canadian Government at http://cebaloanrelief.ca

Canada recently announced that it will be extending the small business emergency loan repayment deadline, which undoubtedly comes as a relief for many entrepreneurs struggling to keep their businesses afloat during these challenging times. However, while this extension may offer a temporary reprieve, it is vital for business owners to understand the importance of raising their voices and actively engaging with the Canadian government to ensure their long-term survival. The fate of small businesses is intricately tied to the decisions made by the government. As such, entrepreneurs must seize this opportunity to make their concerns and needs heard. By actively participating in discussions and initiatives aimed at supporting small businesses, entrepreneurs can play an active role in shaping policies that will have a direct impact on their ventures’ future. One way business owners can raise their voices is by taking advantage of established channels for communication, such as industry-specific associations, chambers of commerce, or business support organizations. These entities often have direct access to government officials and can effectively represent the collective interests of small businesses. By joining these organizations and actively engaging in discussions and lobbying efforts, entrepreneurs can ensure that their perspectives are considered when shaping policies and programs. Furthermore, entrepreneurs can leverage the power of technology and social media platforms to amplify their voices. Through well-crafted messages, business owners can share their experiences, challenges, and suggestions, creating a sense of empathy and urgency among policymakers. By utilizing hashtags, starting online petitions, or even organizing virtual town hall meetings, entrepreneurs can mobilize a larger community of small business owners and create a collective voice that cannot be ignored. Engaging with the Canadian government also means staying informed about the policies and programs available to small businesses. By familiarizing themselves with the government’s initiatives, entrepreneurs can better understand how these measures can benefit their ventures. Additionally, this knowledge equips them to provide constructive feedback and suggestions for improvement, helping to shape more effective policies in the long run. While the extension of the small business emergency loan repayment deadline is a step in the right direction, entrepreneurs must not stop there. It is crucial to continue advocating for comprehensive and sustainable support measures that address the unique challenges faced by small businesses. By raising their voices, engaging with the government, and actively participating in discussions, business owners can contribute to the creation of an environment that fosters the growth and resilience of small businesses in Canada. In conclusion, the extension of the small business emergency loan repayment deadline in Canada is a welcome relief for many entrepreneurs. However, it is essential for business owners to recognize that their active engagement is crucial in shaping policies that will determine their ventures’ long-term survival. By joining industry associations, leveraging technology and social media, staying informed, and sharing their experiences, entrepreneurs can ensure that their voices are heard and their needs are met. In doing so, they not only advocate for their own businesses but also contribute to the overall strength and vitality of the small business ecosystem in Canada.

Far fewer businesses than the government expected, approximately 20%, have been able to pay back their Canadian Emergency Business Account (CEBA) loans.  Women-owned & Immigrant + POC businesses have been impacted even more.

Without modifying the existing CEBA program, countless Canadian businesses are at risk of closure. 

To ensure a successful recovery for the greatest amount of Canada’s businesses, our associations are calling on the Federal government to:

>> Extend the repayment deadline and the 0% interest period to December 31, 2030. Interest fees on top of hefty unforgiven loan amounts will put these businesses in a precarious financial position.

>> Increase CEBA loan forgiveness rates to 50% for regular and expansion loans, and incentivize faster principal repayments by implementing a decreasing annual forgiveness rate between 2023 to 2030.

This federal government has acted swiftly and effectively to support small businesses before. We urge them to do the same now. The Canadian government must remain flexible with CEBA loan repayment terms in order to support Canada’s vital small business economy.

https://cebaloanrelief.ca/

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