Breaking News - Tariff Support - The Chamber is your source for Tariff Updates. Check out our page for the latest Tariff Resources, SUpport & Events
Peterborough + Kawarthas Chamber of Commerce
  • About Us
    • About Us
    • Contact Us
    • Board of Directors
    • Staff Directory
    • Careers
  • Events
    • Calendar
    • Host a Chamber Event
    • Monthly >
      • The Business Exchange (TBX)
      • ChamberAM
      • Not-for-Profit Group (NFP)
    • Annual >
      • Luminary Awards
      • Seniors Showcase
      • PK Excellence
    • Campaigns and Connections >
      • Sales Lead Network
      • 26 Coffees
      • #lovelocalptbokawarthas campaign
    • 26 Coffees Program
  • Membership
    • Join Us
    • Benefits >
      • Chambers Plan
    • Profile and Sponsorships
    • Resources
    • Members Only
  • News
    • Voice of Business Podcast
    • Voice of Business
    • The Business Beat
    • Subscribe to e-Newsletter
  • Resource Hub
  • Directory
  • Advocacy
    • Policy Resolutions
    • Advocacy at Work
    • Advocacy Wins
    • Subscribe to e-Newsletter
  • Breaking News - Tariff Support
    • Updates
    • Resources
    • Support
    • Trade Analytics
  • About Us
    • About Us
    • Contact Us
    • Board of Directors
    • Staff Directory
    • Careers
  • Events
    • Calendar
    • Host a Chamber Event
    • Monthly >
      • The Business Exchange (TBX)
      • ChamberAM
      • Not-for-Profit Group (NFP)
    • Annual >
      • Luminary Awards
      • Seniors Showcase
      • PK Excellence
    • Campaigns and Connections >
      • Sales Lead Network
      • 26 Coffees
      • #lovelocalptbokawarthas campaign
    • 26 Coffees Program
  • Membership
    • Join Us
    • Benefits >
      • Chambers Plan
    • Profile and Sponsorships
    • Resources
    • Members Only
  • News
    • Voice of Business Podcast
    • Voice of Business
    • The Business Beat
    • Subscribe to e-Newsletter
  • Resource Hub
  • Directory
  • Advocacy
    • Policy Resolutions
    • Advocacy at Work
    • Advocacy Wins
    • Subscribe to e-Newsletter
  • Breaking News - Tariff Support
    • Updates
    • Resources
    • Support
    • Trade Analytics

Government Loan Repayment Post Cabinet Shuffle

8/1/2023

 
Picture
Repaying loans is creating another financial challenge for our local business community.  
According to the Canadian Broadcasting Corporation (CBC), The Bank of Canada recently increased interest rates and now the Canada Emergency Business Account (CEBA) repayment deadline is looming. Many small business owners are facing more debt and more barriers to the long road of recovery from the pandemic.  
As we previously stated in our March Voice of Business column, it cannot be stressed enough that CEBA loan repayment is still a challenge for many small businesses. Recently, the Canadian Chamber of Commerce and 280 industry associations penned a letter to Minister Freeland highlighting the number of businesses who may not survive in the long term due to ever growing debt. According to the letter, 49% of small businesses’ revenues are still below normal, and approximately half of tourism-based businesses may not survive in the next few years.   
“…not all businesses have their heads above water yet: they’re facing extreme inflation, unreliable supply chains, and the tightest hiring market in a generation. They’re just asking for more time to pay the government back.”  
- Matthew Holmes, Senior Vice President of Policy and Government Relations, Canadian Chamber of Commerce 
In another turn of events, the federal government announced a cabinet shuffle on July 26. In this change, there will be a new Minister of Small Business, MP Rechie Valdez. Valdez is a former small business owner herself.  We look forward to seeing what she can bring to the table.  In the swearing-in ceremony, she stated she would like to make small business its own portfolio.  
The need for an extension has already come up in the past. In 2021, the Peterborough and the Kawarthas Chamber of Commerce authored a Policy Resolution for the Canadian Chamber of Commerce calling on the federal government to:  
1. Extend the deadlines for repayment of the Canada Emergency Business Account program by two years.  
2. Make the forgivable portion of the loan available to all businesses that continue to have operations impacted by ongoing COVID-19 public health restrictions throughout 2021.  
3. Allow businesses that continue to have operations impacted by ongoing COVID-19 public health restrictions in 2021 to be exempt from incurring interest prior to the balance of their loan being due. 
With the deadline to receive partial loan forgiveness approaching in approximately 5 months, it is imperative that those who can repay their loans do so and return those funds back to government coffers. We can ease the decision for the government to extend the loan repayment windows for the businesses that are struggling the most. We have a new Minister of Small Business, which means now is the time to remind the government that not all businesses have recovered and are in a position to pay back their debts. 
While most of the restrictions and challenges of the pandemic are over, we are still seeing the lasting impacts for the small business community. Peterborough and the Kawarthas’ economy depends on tourism and hospitality businesses, so let’s continue to work together to climb the ladder out of the pandemic slump still facing us today, hopefully with continued support from the federal government.  

Comments are closed.

    Author

    The Peterborough and the Kawarthas Chamber of Commerce acts as a catalyst to enhance business growth, opportunity, innovation, partnerships and a diverse business community. 

    Archives

    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    September 2015
    August 2015
    June 2015
    May 2015
    April 2015
    January 2015

    Categories

    All

    RSS Feed

Copyright Greater Peterborough Chamber of Commerce.  ​All rights reserved.
175 George Street North, Peterborough, ON, K9J 3G6
Phone: (705) 748-9771  |  (705) 743-2331  
Home    |    Calendar    |   Site Map   |    Privacy    |    Accessibility
Join the Chamber
Picture
MemberClicks