Restaurants Canada calls on Ottawa to take action on CEBA repayment proposal
Restaurants Canada (RC) is calling on the federal government to adopt its Canada Emergency Business Account (CEBA) repayment proposal from RC’s 2023 Federal Pre-budget Submission
Global Newswire
With only a few weeks until the House of Commons rises for the summer on Jun. 23, 2023, and the repayment deadline quickly approaching on Dec. 31, 2023, time is of the essence to address the acute CEBA loan repayment challenges facing restaurants and other small businesses. Bankruptcy filings in foodservice have increased 116 per cent since 2022 and RC is expecting more restaurants to close their doors as a result of the federal government’s failure to take action.
Restaurant Canada’s CEBA recommendations ask parliament to provide struggling small businesses with a 36-month payback extension on CEBA loans, with a scale-down model on the forgivable portion. The effective plan will ensure that taxpayer funds are paid back to the government owed while saving thousands of restaurants and other small businesses from being forced to declare bankruptcy in the near future.
“For the majority of Canada’s foodservice sector, the pandemic created seismic financial challenges which it is still struggling to recover from”
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