Small businesses in Nova Scotia are bracing for Jan. 18, the date Canadian Emergency Business Account loan repayments come due.
The federal money was given to small businesses and not-for-profits in April 2020 to help lessen the impacts of the COVID-19 lockdown. The money has to be repaid by Jan. 18 in order to receive loan forgiveness of up to $20,000.
Duncan Robertson, a senior policy analyst with the Canadian Federation of Independent Business in Nova Scotia, told CBC’s Information Morning Halifax this week that four in 10 businesses in Nova Scotia will be able to pay back the loan, a quarter will have to borrow money to get the loan forgiveness, two in 10 won’t be able to make the deadline and the rest don’t know what will happen.
“If they do miss that January deadline, they will go from having $40,000 debt on Jan. 18 to $60,000 debt,” Robertson said.
“They’ll have to pay that five per cent interest and then they’ll have until Dec. 31, 2026 to fully repay that CEBA loan.”
Robertson said the federation is concerned for the more than 16,000 small Nova Scotia businesses that took the loan and were counting on the forgivable portion. He said they’re hoping the federal government will extend the forgivable loan by a year so businesses have time to catch up.
“When they took that loan, we weren’t really sure what the economic realities would be and now many are faced with high costs and rising interest rates, so we’re asking government to take that into account … we found that would benefit around 95 per cent of businesses that took that loan,” said Robertson.
The Restaurant Association of Nova Scotia said half of the establishments are either just breaking even or operating at a loss.
“With increased expenses across the board and high debt loads, many businesses will not be able to pay back their CEBA loans by the determined deadline,” the restaurant association said in a statement. “We urge the Federal Government to extend the repayment deadline as restaurants continue to recover from closures during the pandemic and navigate challenges in the industry.”
Brendan Doherty, the owner of Edible Matters and The Old Triangle Irish Alehouse, said the loan repayments are coming at “a terrible time for small businesses.” He said the loans were “a lifeline that kept
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The Ministry of Finance’s administrative department employs over 12,000 individuals, most of whom work for the tax and customs administrations. The Ministry is tasked with establishing, overseeing and reforming the working framework for public funds and public governance. Our vision is to ascertain a solid foundation for the financial prosperity and wellbeing of coming generations.
The EWSS is a central element of the response to the Covid-19 pandemic. Minister for Finance, Mr Lawrence Wong, delivered a Ministerial Statement on 5 Jul 2021 on the assist measures for Phase 2 and Phase three Heightened Alert durations. The Government is offering additional assist for employees and companies in the course of the prolonged Stabilisation Phase. Resilience within … Read more
Public Service Info Public Service Info directs you to the proper service, offers support for e-services, and solutions basic questions on public companies. Health and social services reform The aim of the reform of healthcare and social welfare is to make significant modifications to the organisation, provision and financing of health and social services. The newly sworn-in Governing Board for the Consolidated Bank Ghana has been urged to propose methods to promote Small and Medium Enterprises lending and digital banking services for the good factor about the unserved and underserved within the financial sector. To help within the formulation and ensure the effective execution of sound and equitable financial and monetary insurance policies, that put Pakistan on the path of sustained economic growth and macro-economic stability with a view to bettering the standard of life of the people of Pakistan.
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The Swedish carbon tax was instituted in 1991, alongside an already current energy tax, and it remains a cornerstone of Swedish local weather policy. Over time, the carbon tax has increased … Read more
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