The federal government has released data that 25% of Canadian businesses missed the January 18 deadline to repay their CEBA loans. These businesses each now have an additional up to $20,000 in debt to deal with as a result of the loan forgiveness expiring.  

The Langley Chamber advocated strongly and clearly about the need for an extension to this deadline for this very reason.  Our Langley survey data showed 23% were not going to make the deadline, accurately predicting this issue.  Canada is made up of small businesses, and many -- as illustrated here -- are not sitting on reserves of cash.  The CEBA loans, and in particular the lost $20,000 in forgiveness, would have been better spent supporting employment, investing in technology, or in myriad other ways to grow and support the small businesses involved. 

"We knew many businesses would struggle to repay the CEBA loans on time, and frustratingly nothing was done.  The worst case scenario has now come to pass for 25% of CEBA businesses -- which is over 200,000 across Canada -- who now suddenly have $20,000 in extra debt to contend with," says Cory Redekop, CEO of the Greater Langley Chamber of Commerce.  "With provincial and federal budgets coming up, I hope these numbers are a sobering reminder that we need action on the affordability challenges facing businesses."

The Langley Chamber will continue to push for supports and savings for Canada's small business community which needs to be kept front-of-mind by all levels of government. 

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