I NEED MORE TIME TO REPAY MY CEBA LOAN!
The Beauty Industry is struggling to recover from COVID closures, inflation & workforce shortages. The repayment of the $40,000 Canadian Emergency Business Account (CEBA) loans on January 18th, 2023 is looming.
Beauty pros are losing sleep, taking out high-interest loans & maxing out their credit cards to avoid a $20,000 penalty + 5% interest. If they don’t repay CEBA before the deadline, it could force many of them into bankruptcy.
Over 900,000 Canadian small businesses had to take on a CEBA loan just to survive two years of lockdowns and business restrictions. And CEBA loans form just a part of the average $110,000 in COVID-related debt inherited by two-thirds of Canada’s small business owners. [1]
For a strong and lasting economic recovery, the federal government must establish a plan to help small firms reduce their COVID debt burdens. Add your voice to thousands of other business owners across the country and ask government to make small business recovery a priority.
Your support matters. Here's why:
Only 10%
of small businesses have been able to fully repay their CEBA loan.
72%
of small businesses need more time to repay CEBA loans.
49%
of small businesses are still making below normal revenues.
[1] Statistics from The Canadian Federation of Independent Business (CFIB)