Restaurants Canada and the St. John’s Board of Trade are among business organizations throughout the region calling on Ottawa to extend the looming deadline for CEBA loan repayments.
The Canada Emergency Business Account was created to help businesses hit hard by pandemic restrictions by offering interest-free loans of up to $60,000.
Uptake was high among restaurants and others in the hospitality industry who struggled through a sudden downturn in business due to the pandemic.
Restaurants Canada is demanding that Ottawa extend the loan repayment deadline beyond January 18.
It says a recent industry survey shows that one in five restaurants with a CEBA loan are on the brink of closing one or more of their locations.
Atlantic VP of Restaurants Canada Jordi Morgan says many restaurants are still struggling, indicating that a majority are “on the edge.” Up to 52 per cent nationally say they are either not making money or are just breaking even.
CEO of the St. John’s Board of Trade AnnMarie Boudreau says although the deadline is just days away, it’s not too late to issue an extension.
The Board of Trade is calling for a two-year extension which she says will “provide necessary and real help for hundreds of businesses throughout Atlantic Canada, and certainly thousands throughout the country.”
