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House Hansard - 274

44th Parl. 1st Sess.
February 2, 2024 10:00AM
Context: House Hansard - 274 - Feb/2/24
Mr. Irek Kusmierczyk (Parliamentary Secretary to the Minister of Employment, Workforce Development and Official Languages, Lib.)
  • Feb/2/24 11:28:33 a.m.
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Madam Speaker, we have been clear from the outset that if the situation of repayment arose, we would treat all cases individually and fairly. We were also clear that we would show flexibility and recover overpayments without any interest or any penalties. To prevent undue hardship, flexible repayment options are available. Individuals can establish a repayment schedule based on their financial situation and their ability to pay. We will continue to take a responsible approach to ensure a fair process.
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Context: House Hansard - 274 - Feb/2/24
Ms. Nathalie Sinclair-Desgagné (Terrebonne, BQ)
  • Feb/2/24 11:36:19 a.m.
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Madam Speaker, the January 18 loan forgiveness repayment deadline for the Canada emergency business account proved how little the federal government cares about our entrepreneurs. Unfathomably, this week the Liberals were celebrating the fact that 80% of businesses have repaid the loan. This means that 20% of SMEs cannot pay it back. One in five SMEs that took out the emergency loan is now facing bankruptcy, and the government thinks that is good news. Do the Liberals really think that 180,000 potential bankruptcies is good news?
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Context: House Hansard - 274 - Feb/2/24
Hon. Marie-Claude Bibeau (Minister of National Revenue, Lib.)
  • Feb/2/24 11:36:54 a.m.
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Madam Speaker, once again, we are there to support SMEs in a number of ways. Yes, the emergency business account was very important during COVID-19. We extended the $60,000 loan with a forgivable portion. Up to 80% of people have already paid it back. There are still measures in place for repayment over three years. The minimum payable amount is the 5% interest, which translates into $250 a month. There is a whole range of measures. I would remind members that if we had not offered the wage subsidy, many businesses would not be here today, but thanks to us, they survived.
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Context: House Hansard - 274 - Feb/2/24
Hon. Marie-Claude Bibeau (Minister of National Revenue, Lib.)
  • Feb/2/24 11:38:04 a.m.
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Madam Speaker, during COVID‑19, if we had not been there with the Canada emergency business account, with the wage subsidy and with rent assistance, thousands of small and medium-sized businesses would not have made it. We have come through COVID-19, the economy is recovering and conditions are perfectly reasonable for loan repayment. Some 80% of businesses have already paid back their loans. They still have until the end of March. Those who have to extend for another three years will have to pay only 5% interest, which is an extra $250 a month.
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