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As clock ticks down to CEBA deadline, business owners plead for understanding from government [Video]

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Small Business Funding

Some small business owners in Canada are asking for the federal government to reckon with the challenges they face as they confront a looming deadline to repay a portion of emergency government loans issued during the pandemic.

Businesses face a Jan. 18 deadline to pay back up to $60,000 in loans received through the Canada Emergency Business Account (CEBA) program. Businesses that pay back the bulk of the loan before the deadline can see up to $20,000 of the remainder forgiven by the federal government.

Loans that are not paid back before the deadline begin to accrue interest.

Angela O’Brien, owns a lingerie store in West Kelowna, B.C. She told CBC’s The House that she was able to get the full $60,000 from the government, but she had to obtain additional financing from her bank to pay off the initial $40,000 and secure the $20,000 forgivable portion. That puts her in the …

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