CEBA extension does little for businesses in need

After reviewing the federal government’s announcement on Sept. 14 regarding changes to requirements for repayment of CEBA loans, the Greater Victoria Chamber of Commerce is joining our national chamber network as well as our many partner organizations to call for an extension to the repayment deadline while maintaining the forgivable portion.

Razor sharp margins and a steep increase in interest rates have created unfavorable conditions for doing business. The Chamber is calling for a two-year extension to give businesses and interest rates enough time to stabilize.

“Many organizations still need time, and extending the deadline for repayment of the loan is reasonable, however, that needs to be coupled with continuing to allow the forgivable portion of the loan,” Chamber Chair Kris Wirk said. “The reality facing many small businesses — especially those in hospitality, tourism and retail — is that they have a viable path to making a full recovery but it’s going to take longer than expected.”