Supporting Small Businesses: Calling on the Federal Government to allow businesses pursuing the announced five percent (5%) loan to also qualify for forgiveness of the forgivable portion ($10,000 to $20,000).
The Canada Emergency Business Account was an important lifeline to many of our businesses who found themselves suddenly unable to be open or provide services as normal. In response to numerous requests across Canada (including your own) the Federal Government announced that the CEBA repayment could be delayed from December 2023 to January 2024 and those unable to pay back could utilize a 5% loan but would not be eligible for the $20,000 of forgiveness.
We noted, with interest, that every Premier of every Province has collectively requested an extension to the Prime Minister of Canada. We applaud this action.
This forgiveness would reduce the amount our small businesses would be required to pay back each month by up to $600 over the next two years. For small businesses this amount is often the difference between being able to hire a staff or not, being able to pay their rent or their business closing.
We are asking the Federal Government to move the following motions:
THAT BUSINESSES PURSUING THE ANNOUNCED FIVE PERCENT (5%) LOAN ALSO QUALIFY FOR FORGIVENESS OF THE FORGIVABLE PORTION ($10,000 TO $20,000).
What are we asking you to do?
- Follow OBIAA_ on Social Media, look for the above noted posts – What Kind of Canada do you want? This or That?
- Send this letter to your Council, asking for their support – 11 2023 – OBIAA – CEBA Letter Template for members
- Consider signing this petition – https://petitions.ourcommons.ca/en/Petition/Sign/e-4624