SummarySpren for "Canada Emergency Business Account"
- • The government's economic statement does not provide enough urgent action to address the current economic challenges, particularly for small and medium-sized enterprises and the housing crisis.
• The Bloc Québécois has proposed solutions to address these issues, such as an emergency fund for homelessness and flexibility in the Canada Emergency Business Account, but the government has ignored these calls for action.
- • The federal government's inflexibility with the CEBA loans is leading SMEs into bankruptcy, with some losing their $20,000 subsidy since the January 18 deadline.
• The federal government can still help struggling businesses by letting them keep the $20,000 subsidy and guaranteeing their loan with their financial institution.
- • Small businesses have nearly three years to pay back their CEBA loans, with the loan repayment deadline extended to support their post-pandemic recovery.
• The government is cutting taxes for growing small businesses and lowering credit card fees up to a quarter to provide further support.
- • Ms. Nathalie Sinclair-Desgagne (Terrebonne, BQ) criticized the government's approach to helping businesses that were forced to close due to the pandemic, saying that the current plan is not enough and will lead to thousands of collection efforts.
• She suggested that the government should be more flexible and allow businesses to keep the $20,000 subsidy to help them stay afloat and reimburse their loans.
- • 80% of businesses have already repaid their loans in full.
• The federal government has invested in programs such as rent assistance and wage subsidies to support small businesses during COVID-19.