The Chamber is calling on the federal government to give businesses who needed help during the pandemic more time to repay their Canada Emergency Business Account loans.
A letter to the federal Finance Minister was signed by more than 240 Canadian business organizations.
"Extending the repayment timeline for the CEBA loan without losing access to the forgivable portion would give many small-and-medium size businesses the stability and certainty they need to get back on their feet on a path to prosperity," states the letter.
Chamber CEO Bruce Williams spoke to CFAX Radio this morning to explain why many businesses need extra time. Across Canada. almost 900,000 CEBA loans were approved during the pandemic.
"Many businesses had no choice but to take on this loan due to circumstances beyond their control," the letter states. "This includes businesses in some of the hardest hit industries such as the retail industry and tourism sector. Mandatory business closures and other government health restrictions left businesses with severe income losses and cash flow issues."