Premiers ask federal government for COVID-19 small business loan extension Local Impact: Premiers Urge Extended COVID-19 Small Business Loan Terms By Stephen Jeffrey
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n a move that directly affects Chestermere’s small business community, Canada’s provincial premiers have jointly written to Prime Minister Justin Trudeau, appealing for an extension of the repayment period for interest-free loans provided to small businesses and nonprofits during the challenging COVID-19 pandemic. The federal government’s Canada Emergency Business Account (CEBA) offered crucial interest-free loans of up to $60,000 to assist small businesses in surviving the economic turmoil.
Massive Support During Crisis Throughout the pandemic, the emergency business program approved an impressive $49.2 billion in loans to support Chestermere’s small businesses and not-for-profit organizations. Unity in Seeking Relief
This united appeal by Canada’s provincial leaders Local Businesses Feel the Pinch follows recent pleas from Ontario Premier Doug Ford and Newfoundland and Labrador Premier Andrew Furey. They British Columbia Premier David Eby, signing a letter on urged the Bank of Canada to take into account the human behalf of all provincial leaders, expressed grave concern. He impact of further interest rate increases and the potential pointed out that small businesses, much like the majority of for these increases to exacerbate housing costs. Canadians, are grappling with the financial strain of surging Eby reiterated the importance of supporting individuals housing costs, rising grocery bills, and mounting everyday and businesses during these trying times, saying, “Whether expenses. Just as they were beginning to recover from the it’s homeowners and renters, or small businesses struggling pandemic’s aftermath, these businesses now face the dual to recover, we need to support people in these difficult challenges of surging inflation and interest rates. times.” He expressed gratitude for the solidarity of the Eby stressed the urgency of extending support to these premiers in making this vital request and expressed businesses, stating, “That’s why I’m joining other premiers confidence that Prime Minister Trudeau will respond in asking the federal government to give small businesses positively to support Chestermere’s small businesses. a chance to recover with more time to qualify for loan forgiveness and by extending CEBA loan repayments for Impressive Loan Disbursement another year.” According to the federal government’s official website, Deadline for Relief Ottawa approved CEBA loans of $40,000 and $60,000 for an impressive 898,271 businesses. Additionally, 571,851 The current deadline for businesses to repay the businesses received expansion loans of $20,000. emergency loans in order to qualify for partial loan As the premiers’ call for an extension to CEBA loan terms forgiveness is January 18, 2024. This extension would resonates across the nation, Chestermere’s small business provide much-needed breathing room for Chestermere’s owners are closely monitoring the situation, hopeful for small businesses. additional support on their journey to economic recovery.
Chestermere Anchor News Magazine: Home Grown, Well Anchored, Reaching far beyond Chestermere’s Shores
October 23, 2023
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