Small business minister hints at help after CEBA repayment complaints

Small Business Minister Rechie Valdez has hinted that more help could be on the way for small business owners who are struggling to make ends meet as the deadline to repay emergency pandemic loans approaches.

Valdez, who owned a bakery in Mississauga until 2021, said she has been travelling the country and listening to struggling business owners who say the Canada Emergency Business Account forgiveness deadline of Jan. 18, 2024 is too early.

“I will be able to take that to my colleagues to see what more we can do,” Valdez told BNN Bloomberg in a television interview on Monday.

CEBA offered loans of up to $60,000 to businesses hurt by the pandemic. A third of the loan is forgivable if repaid by the deadline, which has been pushed back twice and now sits firm at Jan. 18. After the deadline, the loan must be repaid within three years at a five-per-cent interest rate.