This week, Premier David Eby met with all the other premiers in Canada to discuss how to aid struggling small businesses across the country.
The main talking point at this meeting was that they all want the federal government to provide an extension to small business loan repayments.
Small business loans were given out throughout the pandemic as part of the feds Canada Emergency Business Account (CEBA).
CEBA provided an interest-free loan for small businesses and non-profit organizations that struggled through lockdowns.
In BC, nearly 123,000 businesses were approved for CEBA loans that combined, were worth over $6.6 billion.
As it stands now, the repayment deadline for CEBA loans to qualify for partial loan forgiveness is January 18th, 2024.
“Canadians are feeling squeezed by the rising cost of housing, groceries and other daily essentials. It’s no different for small businesses,” said Premier Eby.
“Just when many small businesses are starting to find their feet after the pandemic, they’re now being walloped by rising 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,” he continued.
In addition to this, Premier Eby is following in the footsteps of premiers Doug Ford of Ontario and Andrew Furey of Newfoundland and Labrador in pleading the Bank of Canada to consider the human impact of further interest rate increases.
“Whether it’s homeowners and renters, or small businesses struggling to recover, we need to support people in these difficult times,” Premier Eby said.
“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.”
