N.S. restaurant says CEBA loan repayment extension doesn’t go far enough for small businesses
Global News
Advocates say businesses hard hit by COVID-19 lockdowns are still struggling to recover.
Calls are ringing out in the Atlantic region for the federal government to extend the repayment deadline for pandemic CEBA loans.
Advocates say businesses hard hit by COVID-19 lockdowns are still struggling to recover. The Canada Emergency Business Account (CEBA) offered interest-free loans up to $60,000 to small businesses during the pandemic’s height.
Recently, the federal government extended the repayment deadline by 18 days to qualify for partial loan forgiveness.
“It’s just like a nail in a coffin for another small restaurateur,” Bill Pratt says.
As the owner of more than 20 restaurants in Nova Scotia and New Brunswick, Pratt has taken out multiple CEBA loans. He’s the founder of the Chef Inspired Group of Restaurants, which includes Cheese Curds and Habaneros.
Pratt says the extended Jan. 18 deadline does not go far enough.
“We were hoping for help and yet all of a sudden we got told, ‘Nope, it’s extended by 18 days,'” Pratt says. “You have to have a loan in place with the banks, so now with the high interest rates, that’s only going to compound the issue.”
He says businesses shouldn’t be forced into private loans to meet the deadline.