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Some business owners say CEBA loan deadline extension doesn't go far enough

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Small business and restaurant owners in eastern Ontario say the federal government's 18-day extension to qualify for debt forgiveness on their CEBA loans is hardly an extension at all.

CBC NewsKingston, Ont., store owner Laurie Davey-Quantick says repaying the CEBA loan will require dipping into personal savings, and taking out additional loans. It's a setback she doesn't want, but will need to take in order to keep her business.

Last week, the federal government announced it would extend the deadline for debt forgiveness again to 2024, to Jan. 18.Restaurant industry hasn't bounced back since pandemic "They can't pay this back. So, they're just going to call it quits. They're going to shut the doors." The industry group is asking the federal government for a one-year extension to protect the $20,000 debt forgiveness for restaurant operators.'Limited in our ability to sell'

The federal government announced that businesses that refinanced their loans will be given until March 28 to qualify for the debt forgiveness program.Dan Kelly, CEO of the Canadian Federation of Independent Business , said this will only accrue more debt for small business owners and overall, isn't a viable solution.

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