An online petition has amassed over 25,000 signatures from Canadians wishing to witness the extension of the repayment date for business loans issued during the pandemic by at least one year.
The petition, initiated in July 2023, is directed towards Prime Minister Justin Trudeau and Chrystia Freeland, Canada’s Minister for International Trade.
The Canadian Business Emergency Account (CEBA) loans were distributed to businesses throughout the COVID-19 pandemic to assist in keeping them afloat, with a repayment date initially set in 2023.
The Canadian government prolonged the loans until January 18, 2024.
Out of the $60,000 provided to numerous businesses, the government forgave $20,000, leaving them with the obligation to repay the remaining $40,000 by the official repayment date.
However, numerous businesses have encountered challenges in meeting this obligation, and some have even succumbed to closure, including Chemainus’ Riot Brewing Co here on Vancouver Island, who told Victoria Buzz that this played a significant role in their shutdown.
Related: ‘A lot of tears’: Riot Brewing Co. in Chemainus closes its doors for good
The petition, which has amassed a significant number of signatures over the last five months, is urging Prime Minister Trudeau to extend the deadline to December 25th, 2025.
“Many businesses are still grappling with the lingering effects of the pandemic, and the road to recovery has proven to be more prolonged and more arduous than initially anticipated,” reads the petition.
“By granting an extension, businesses will have the necessary time to rebuild and regain financial stability, ensuring long-term survival.”
The petition also calls on the government to acknowledge the impact of inflation and recent increased interest rates on affected businesses, stating that these factors have made it nearly impossible for some small businesses to bounce back from the struggles they have faced post-pandemic.
They noted that the Canadian Chamber of Commerce and the Canadian Federation of Independent Business (CFIB) have also expressed their opinion to Freeland and the Canadian government as a whole, advocating for an extension of the deadline to 2025.
More than 850,000 small businesses across the country have taken out these loans. As of summer 2023, just one in five of the businesses were able to repay their loan in full, according to the Department of Finance Canada.
“As we collectively strive toward economic recovery, extending the CEBA loan repayment deadline is crucial in ensuring a brighter future for our businesses and the broader Canadian community,” reads the petition in its conclusion.
Since the repayment date has already passed, the likelihood of the Canadian government further extending it may be unlikely.
