Last Chance to Help Small Businesses: Requesting the Federal Government Extend the Canada Emergency Business Account Deadline - by Councillor Paula Fletcher, seconded by Councillor Alejandra Bravo

Many of them are still feeling the pressure and effects of the pandemic. They have been clear that the Federal Government's deadline will have a serious impact. Extending the repayment period would keep our local small businesses on a secure footing, helping them to continue to animate our neighbourhoods for years to come. City Council has requested the Federal Government to create a multi-year, no interest, repayment plan for small businesses who received the Canada Emergency Business Account and forgive $20,000 for businesses who agree to the multi-year repayment plan, as part of its decision on Item 2023.MM6.1, and to extend the qualification for partial loan forgiveness of up to 33 percent to December 31, 2024 as part of its decision on Item 2023.EC6.3. These calls have been echoed by the Premiers of all provinces and territories, along with City Council on multiple occasions. With time running out the Federal Government needs to hear loud and clear that they need to act.