Business is up heading into 2022, but so too are worries about paying off COVID debt

Now, the calls to the CFIB team have changed: How long do I have to repay, and what are the rules?“It’s very clear to me that this was an absolute last-minute addition to the fall economic update … given that there’s zero detail.”Article content

When the government first created the CEBA program at the onset of the pandemic, it set a repayment deadline of Dec. 31, 2022, for anyone who wanted to take advantage of zero interest and having a portion of the loan forgiven. “In fact, we’re urging the government to double down and increase their support of small and medium-sized firms,” Kelly said. “Depending on where things go, we may need an even bigger CEBA loan to help businesses get through.”

Kelly said he thinks about half of small businesses may be in a position to start repaying their CEBA loan over the course of 2022. The other half may take longer for companies in the retail, hospitality, tourism and service sectors.Article content The quarterly report on business conditions found that most businesses with debt worries were in high-contact service industries like accommodation, food services, arts and recreation that have yet to fully rebound from the economic downturn last year.

Is that still the case with the new sweeping restrictions?

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Business is up heading into 2022, but so too are worries about paying off COVID-19 debtAs the clock ticked down to 2022, so too did the deadline for businesses to repay federal pandemic loans under favourable financial conditions. Then, two weeks before Christmas, Finance Minister Chrystia Freeland said the deadline would be extended. Now, businesses are wondering how long they have to repay, and what the rules are. Where do you get these numbers? Who’s maki g them up?
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