Sign up for the Globe Advisor weekly newsletter for professional financial advisors on our sign-up page. Get exclusive investment industry news and insights, the week’s top headlines, and what you and your clients need to know. For more from Globe Advisor, visit our homepage.
“On top of that, the average small business has taken on more than $100,000 in debt just to survive the period of COVID restrictions … [that was] not for good things like [opening] a new location or [buying] a new piece of equipment, but just to keep the lights on.” According to Mr. Kelly, 70 per cent of CFIB members have not yet been able to repay anything toward their CEBA loans. While the CFIB continues to advocate for a further extension of the loan forgiveness deadline, Mr. Kelly recommends business owners take steps now to speak with their bank and arrange approval for a term loan at the best possible interest rate.
Mr. Ren adds that the upcoming CEBA deadline is a good reminder for advisors to look beyond a business owner’s growth plans and cash-flow planning to examine the liability side of the balance sheet, and also read the fine print of government programs such as CEBA that affect businesses. Industries haven’t bounced back the same However, Ms. Porter acknowledges that her clients, who include legal and dental professionals and other business owners who got back to full capacity quickly after the closures, aren’t facing the same challenges as harder-hit industries such as retail and restaurants.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: globeandmail - 🏆 5. / 92 Read more »
Source: PGCitizen - 🏆 65. / 51 Read more »