Roughly 200,000 small companies took on new debt to refinance their Canada Emergency Business Account loans to entry the forgivable portion of the mortgage, says the Canadian Federation of Independent Business.
CFIB president Dan Kelly says many companies that needed to borrow to repay their CEBA loans are dealing with excessive rates of interest and can be challenged to satisfy their cost obligations.
More than 50,000 small companies are additionally pursuing a particular extension to Thursday as they’re within the strategy of refinancing.
The federal authorities offered interest-free loans to small companies to assist recuperate from losses throughout the COVID-19 pandemic.
Businesses that met the Jan. 18 reimbursement deadline might entry 25 per cent forgiveness of their loans.
Corinne Pohlmann of CFIB says Ottawa ought to do extra to assist companies cope with the excessive value of operations and supply concrete monetary aid measures within the upcoming federal price range.
Source: calgary.citynews.ca