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MP Bachrach urges extension of small business loan repayments

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Only 15 percent of small businesses have been able to make full repayment as December 31 deadline nears, says Skeena-Bulkley Valley NDP MP

Skeena-Bulkley Valley MP Taylor Bachrach is urging the federal government to assist struggling small businesses by extending the repayment period for Canada Emergency Business Account loans.

“There’s a simple way the finance minister can support small businesses like Grizzly Jim’s: extend the CEBA loan repayment period by an additional year,” Bachrach said. The repayment deadline is December 31, but three years after the pandemic started, only 15 percent of recipients businesses have been able to make full repayment, according to Bachrach, who is seeking a one-year extension.

According to the Canadian Federation of Independent Businesses, 49 percent of small businesses are still making below normal revenues, with those in hospitality, arts and recreation, retail and social services hit the hardest.

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