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House Hansard - 221

44th Parl. 1st Sess.
September 20, 2023 02:00PM
Context: House Hansard - 221 - Sep/20/23
Mr. Bryan May (Parliamentary Secretary to the Minister of Small Business and to the Minister responsible for the Federal Economic Development Agency for Southern Ontario, Lib.)
  • Sep/20/23 6:56:29 p.m.
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Madam Speaker, since the beginning of the COVID-19 pandemic, the government has been there to provide unprecedented support to Canada's small businesses across the country. That is why, at the onset of the pandemic, we launched the Canada emergency business account program. This is in addition to critical and much-needed supports like the Canada emergency rent subsidy, which helped more than 200,000 businesses pay their rent, and the Canada emergency wage subsidy, which kept nearly half a million Canadians employed. CEBA provided $49 million in support to nearly 900,000 businesses. Let me say that again: The CEBA loan supported over 900,000 small businesses in neighbourhoods across the country. It kept their lights on and helped workers remain employed. CEBA offered interest-free, partially forgivable loans up to $60,000 to eligible small businesses. The program was designed to allow for a rapid deployment of credit to a wide range of recipients, because although the Conservatives may have forgotten about the pandemic, Canadians certainly remember how challenging those days were. Early last year, to support hard-working business owners as they continue to recover from the pandemic, our government announced that the CEBA repayment deadline for partial forgiveness would be extended by one year. The repayment deadline to receive forgiveness of up to $20,000 and avoid interest payments for all eligible CEBA loan holders was initially extended from December 31, 2022 to December 31, 2023. Since then, the government has heard and responded to calls for greater flexibility in the face of ongoing economic challenges. As the Parliamentary Secretary to the Minister of Small Business, I know very well how the COVID-19 pandemic has presented many unique challenges for Canadian businesses. I know my colleagues also have been hearing about the difficulties our small businesses face. That is why, on September 14, 2023, the Prime Minister announced several changes to the CEBA program, aimed at supporting economic recovery and offering greater repayment flexibilities to small businesses. We have extended the deadline for partial forgiveness, allowing businesses additional time to repay or refinance their CEBA loans and take advantage of the partial forgiveness. Businesses that repay by January 18, 2024, or submit a request for refinancing by this date and successfully refinance their CEBA loans prior to March 28, 2024, will benefit from partial forgiveness. Additionally, the deadline for CEBA loan holders that elect to not repay or refinance by the partial forgiveness deadline will have their term loans extended by one year, from December 31, 2025 to December 31, 2026. These steps will provide those who are unable to secure refinancing, or generate enough cash flow to repay their loans by the forgiveness deadline, an additional year and to continue repayment at a low interest rate. Only interest payments for these term loans will be required until the full principal is due on December 31, 2026. Small businesses asked for more flexibility, and we listened. Our government will continue to have the backs of Canadians and Canadian businesses every step of the way. We are focusing on growing our economy and building a stronger, more resilient Canada for everyone.
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Context: House Hansard - 221 - Sep/20/23
Mr. Bryan May
  • Sep/20/23 7:01:00 p.m.
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Madam Speaker, the government will continue to support small businesses and entrepreneurs across the country. We have heard loud and clear that small businesses needed additional flexibility and options in these difficult times, and we are taking action to have their backs. Through these flexibilities for CEBA, we are giving small businesses additional breathing room because we know that small businesses are the hearts of our communities. Our government is also supporting small businesses through cutting credit card transaction fees, cutting taxes for growing small businesses, and helping them digitize through the Canada digital adoption program. Moreover, we are ensuring that all entrepreneurs have the opportunities they deserve. That is why we launched the historic women entrepreneurship strategy, the Black entrepreneurship program, the 2SLGBTQI+ entrepreneurship program and targeted supports for indigenous entrepreneurs. We will continue to support small businesses across this country.
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