• Industry Associations Call for More Time to Repay CEBA loans

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    July 24, 2023

    Sent via email.

    The Honourable Chrystia Freeland
    Deputy Prime Minister
    Minister of Finance
    Member of Parliament, University—Rosedale, Ontario
    Department of Finance Canada
    90 Elgin Street
    Ottawa, Ontario
    K1A 0G5

    Subject: Industry Associations Call for More Time to Repay CEBA loans

    Dear Minister Freeland:

    Industry associations representing hundreds of thousands of businesses across Canada are urging you to extend the current Canada Emergency Business Account (CEBA) repayment deadline by two years to the end of 2025, or at least by one year, while maintaining access to the forgivable portion.

    Almost 900,000 CEBA loans were approved across Canada. Many businesses had no choice but to take on this loan due to circumstances beyond their control. 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.

    Despite their best efforts, high interest rates, inflation and increased labour costs are making it difficult for small-and-medium size businesses to keep their heads above water, let alone make any dent in the debt many had to take on to survive pandemic restrictions. A recent analysis of over 15,000 Canadian businesses found that inflation, input costs, and interest/debt costs are the three most acute obstacles faced by business (at 56%, 40% and 38%, respectively), and the smaller the firm, the more constrained they are by debt1.

    Moreover, recent surveys focussed on CEBA loan-holder companies reveal that:

    • 49% of small businesses are still making below normal revenues2;
    • 50% of Canadian foodservice operators are currently operating at a loss or breaking even compared to 12% pre-pandemic3; and,
    • 45% of Canada's tourism businesses are likely or somewhat likely to close within the next three years without government intervention into their mounting debt load.4

    With each passing day, entrepreneurs who collectively maintain a very considerable workforce, face increasingly daunting financial pressure.

    Ottawa needs to act now to extend the CEBA repayment deadline.

    Unless the federal government acts quickly to postpone the CEBA repayment deadline, businesses that are unable to repay their CEBA loan in time will lose access to the forgivable portion of up to $20,000, thus further increasing their debt load. 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.

    We urge you to quickly address this important matter.

    Sincerely,

    1000 Islands Gananoque Chamber of Commerce
    Abbotsford Chamber of Commerce
    Alberta Chambers of Commerce
    Alliance de l’industrie touristique du Québec (AITQ)
    Allied Beauty Association of Canada
    Amherstburg Chamber of Commerce
    Assiniboia Chamber of Commerce
    Atlantic Chamber of Commerce Inc.
    Bayfield & Area Chamber of Commerce
    Beauty United Council of Ontario
    Better Way Alliance
    Black River-Matheson Chamber of Commerce
    Bonnyville & District Chamber of Commerce
    Brampton Board of Trade
    Brandon Chamber of Commerce
    Breton & District Chamber of Commerce
    Brighton-Cramahe Chamber of Commerce
    British Columbia Chamber of Commerce
    British Columbia Restaurant and Foodservices Association (BCRFA)
    Brockville & District Chamber of Commerce
    Burlington Chamber of Commerce
    Burnaby Board of Trade
    Business Improvement Areas of British Columbia
    Cambridge Chamber of Commerce
    Campbell River & District Chamber of Commerce
    Camrose & District Chamber of Commerce
    Canadian Chamber of Commerce
    Canadian Craft Brewers Association / Association des microbrasseries canadiennes
    Canadian Equipment Dealers Association
    Canadian Federation of Independent Business
    Canadian Gift Association
    Canadian Health Food Association
    Canadian Home Builders’ Association
    Canadian National Alliance for Chiropractic
    Cap-Acadie Chamber of Commerce
    Carleton Place & District Chamber of Commerce
    Centre Wellington Chamber of Commerce
    Chaleur Chamber of Commerce
    Chamber of Commerce Brantford - Brant
    Chambre de commerce Chibougamau-Chapais
    Chambre de commerce de Brome-Missisquoi
    Chambre de commerce de Gatineau
    Chambre de commerce de l’Île d’Orléans
    Chambre de commerce de la Haute-Gaspésie
    Chambre de commerce de la Haute-Matawinie
    Chambre de commerce de la MRC de l'Assomption
    Chambre de commerce de l'Est de Portneuf
    Chambre de commerce de Maniwaki et de la Vallée-de-la-Gatineau
    Chambre de commerce de Matane
    Chambre de commerce de Mékinac
    Chambre de commerce de Montréal Centre Sud Ouest
    Chambre de commerce de Saint-Georges
    Chambre de commerce de Saint-Martin de Beauce
    Chambre de commerce de Val-d'Or
    Chambre de commerce du Grand Joliette
    Chambre de commerce du Grand Mont-Tremblant
    Chambre de commerce du Haut-Saint-François
    Chambre de Commerce du Témiscouata
    Chambre de commerce et d’industrie de Shawinigan
    Chambre de commerce et d'industrie des Bois-Francs et de l'Érable
    Chambre de commerce et d’industrie Les Moulins
    Chambre de commerce et de l'industrie du Haut-Richelieu
    Chambre de commerce et de tourisme de Saint-Adolphe-d’Howard
    Chambre de commerce et de tourisme de Sainte-Adèle
    Chambre de commerce et d'industrie Beauharnois Valleyfield Haut-Saint-Laurent
    Chambre de commerce et d'industrie de la MRC de Montmagny
    Chambre de commerce et d'industrie de la Rive-Sud
    Chambre de commerce et d'industrie de Laval
    Chambre de commerce et d'industrie de Saint-Félicien
    Chambre de commerce et d'industrie de Thetford Mines
    Chambre de commerce et d'industrie de Vaudreuil-Soulanges
    Chambre de commerce et d'industrie du Coeur-du-Québec
    Chambre de commerce et d'industrie du Grand Lévis
    Chambre de commerce et d'Industrie du Grand Roussillon
    Chambre de commerce et d'industrie Nouvelle-Beauce
    Chambre de commerce et d'industrie Région de Mégantic
    Chambre de commerce et d'industrie Saint-Jérôme métropolitain
    Chambre de commerce et d'Industrie Saint-Laurent Mont-Royal
    Chambre de commerce et d'industrie Vallée-du-Richelieu
    Chambre de commerce et industrie Mont-Joli-Mitis
    Chambre de commerce Memphrémagog
    Chambre de commerce Mont-Saint-Bruno
    Chatham-Kent Chamber of Commerce
    Chetwynd Chamber of Commerce
    Clarenville Area Chamber of Commerce
    Cold Lake Regional Chamber of Commerce
    Collingwood Chamber of Commerce
    Conseil du patronat du Québec
    Consort & District Chamber of Commerce
    Crossfield Chamber of Commerce
    DQOJ Association of Canada
    Drayton Valley and District Chamber of Commerce
    Dryden District Chamber of Commerce
    Eastern Prince Edward Island Chamber of Commerce
    Edmonton Chamber of Commerce
    Electrical Contractors Association of Alberta
    Erin Chamber of Commerce
    Estevan Chamber of Commerce
    Exploits Regional Chamber of Commerce
    Fédération des chambres de commerce du Québec
    Fédération des pourvoiries du Québec / Quebec Outfitters Federation Inc.
    Fitness Industry Council of Canada (FIC) / Conseil canadien de l’industrie du conditionnement physique (CCICP)
    Fort McMurray Chamber of Commerce
    Fort Nelson and District Chamber of Commerce
    Fort Saskatchewan & District Chamber of Commerce
    Fort St. James Chamber of Commerce
    Fort St. John and District Chamber of Commerce
    Fredericton Chamber of Commerce
    Grande Prairie & District Chamber Of Commerce
    Greater Charlottetown Area Chamber of Commerce
    Greater Kitchener Waterloo Chamber of Commerce
    Greater Langley Chamber of Commerce
    Greater Parkland Regional Chamber of Commerce
    Greater Saskatoon Chamber of Commerce
    Greater Sudbury Chamber of Commerce
    Greater Summerside Chamber of Commerce
    Greater Toronto Hotel Association
    Greater Vernon Chamber of Commerce
    Greater Victoria Chamber of Commerce
    Greater Westside Board of Trade
    Grimsby & District Chamber of Commerce
    Hagersville & District Chamber of Commerce
    Halton Hills Chamber of Commerce
    Hamilton Chamber of Commerce
    High River Chamber of Commerce
    Hinton & District Chamber of Commerce
    Hospitality Newfoundland and Labrador
    Hospitality Saskatchewan
    Humboldt & District Chamber of Commerce
    Jasper Park Chamber of Commerce
    Kamloops & District Chamber of Commerce
    Kenora & District Chamber of Commerce
    Kimberley & District Chamber of Commerce
    Kivalliq Chamber of Commerce
    La Chambre de commerce de Charlevoix
    Labrador West Chamber of Commerce
    Lacombe & District Chamber of Commerce
    Leamington District Chamber of Commerce
    Leduc, Nisku & Wetaskiwin Regional Chamber of Commerce
    Lethbridge Chamber of Commerce
    Lloydminster Chamber of Commerce
    London Chamber of Commerce
    Madoc & District Chamber of Commerce
    Manitoba Chambers of Commerce
    Manitoba Lodges & Outfitters Associations (MLOA)
    Manitoba Restaurant & Foodservices Association (MRFSA)
    Melfort Trade Alliance Chamber of Commerce
    Melville & District Chamber of Commerce
    Milton Chamber of Commerce
    Minto Chamber of Commerce
    Mississauga Board of Trade
    Moose Jaw & District Chamber of Commerce
    Morinville & District Chamber of Commerce
    Muskoka Lakes Chamber of Commerce
    Nelson and District Chamber of Commerce
    Newcastle and District Chamber of Commerce
    Newmarket Chamber of Commerce
    Nipawin & District Chamber of Commerce
    North Bay & District Chamber of Commerce
    North Perth Chamber of Commerce
    North Vancouver Chamber of Commerce
    Northern Ontario Tourist Outfitters Association (NOTO)
    Oakville Chamber of Commerce
    Okotoks & District Chamber of Commerce
    Ontario Chamber of Commerce
    Ontario Professional Hairstylists Association
    Ontario Restaurant Hotel & Motel Association (ORHMA)
    Ottawa Board of Trade
    Owen Sound & District Chamber of Commerce
    Oyen & District Chamber of Commerce
    Parkland Chamber of Commerce
    Parksville and District Chamber of Commerce
    Penticton & Wine Country Chamber of Commerce
    Perth & District Chamber of Commerce
    Picture Butte & District Chamber of Commerce
    Pigeon Lake Regional Chamber of Commerce
    Pincher Creek & District Chamber of Commerce
    Port Hope and District Chamber of Commerce
    Prairie Cannabis Ltd.
    Prince Albert and District Chamber of Commerce
    Prince Rupert and District Chamber of Commerce
    Quinte West Chamber of Commerce
    Red Deer and District Chamber of Commerce
    Reflexology Association of Canada
    Regina & District Chamber of Commerce
    Regroupement des bijoutiers GEMME
    Regroupement des SDC du Québec
    Restaurant Association of Nova Scotia (RANS)
    Restaurants Canada
    Ridge Meadows Chamber of Commerce
    Rocky Mountain House and District Chamber of Commerce
    Saint John Region Chamber of Commerce
    Sarnia Lambton Chamber of Commerce
    Saskatchewan Chamber of Commerce
    Sault Ste. Marie Chamber of Commerce
    Scugog Chamber of Commerce
    Sherwood Park & District Chamber of Commerce
    Simcoe and District Chamber of Commerce
    Smithers District Chamber of Commerce
    Smiths Falls and District Chamber of Commerce
    Sooke Region Chamber of Commerce
    South Surrey and White Rock Chamber of Commerce
    St. Andrews Chamber of Commerce
    St. John's Board of Trade
    St. Paul and District Chamber of Commerce
    St. Thomas & District Chamber of Commerce
    Surrey Board of Trade
    Sussex & District Chamber of Commerce
    Swan Hills Chamber of Commerce
    Sylvan Lake Chamber of Commerce
    Taber & District Chamber of Commerce
    Taxi Lévis 9000
    The Burin Peninsula Chamber of Commerce
    The Calgary Chamber of Commerce
    The Chamber of Commerce for Greater Moncton
    The Edson and District Chamber of Commerce
    The Greater Barrie Chamber of Commerce
    The Parry Sound Area Chamber of Commerce
    The Peace River Board of Trade and Chamber of Commerce
    The Prince Edward County Chamber of Commerce
    The Stettler Regional Board of Trade & Community Development
    The West Island of Montreal Chamber of Commerce
    The Whitchurch-Stouffville Chamber of Commerce
    The Winnipeg Chamber of Commerce
    Thorsby & District Chamber of Commerce
    Thunder Bay Chamber of Commerce
    Tourism Industry Association of Alberta (TIAA)
    Tourism Industry Association of British Columbia (TIABC)
    Tourism Industry Association of Canada (TIAC)
    Tourism Industry Association of Manitoba (TIAM)
    Tourism Industry Association of New Brunswick (TIANB)
    Tourism Industry Association of Nova Scotia (TIANS)
    Tourism Industry Association of Ontario (TIAO)
    Tourism Industry Association of Prince Edward Island (TIAPEI)
    Tourism Industry Association of the Yukon (TIAY)
    Tillsonburg District Chamber of Commerce
    Timmins Chamber of Commerce
    Tourism NWT
    Tourisme et Commerce Rocher-Percé
    Traditional Chinese Medicine Association of Canada
    Travel Nunavut
    Tri-Cities Chamber of Commerce
    Truro & Colchester Chamber of Commerce
    Tumbler Ridge Chamber of Commerce
    Valley Chamber of Commerce de la Vallée
    Valleyview Chamber of Commerce
    Vegreville & District Chamber Of Commerce
    Vermilion & District Chamber of Commerce
    Wasaga Beach Chamber of Commerce
    Weyburn Chamber of Commerce
    Whitby Chamber of Commerce
    Windsor-Essex Regional Chamber of Commerce
    Woodstock Chamber of Commerce
    Yarmouth & Area Chamber of Commerce
    Yorkton Chamber of Commerce
    Yukon Chamber of Commerce


    c.c.:
    The Right Honourable Justin Trudeau, Prime Minister of Canada
    The Honourable François-Phillippe Champagne, Minister of Innovation, Science and Industry
    The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development
    The Honourable Randy Boissonnault, Minister of Tourism and Associate Minister
    The Honourable Carla Qualtrough, Minister of Employment, Workforce Development and Disability Inclusion
    The Honourable Mona Fortier, President of the Treasury Board
    John F.G. Hannaford, Clerk of the Privy Council



    1. Canadian Chamber analysis; Statistics Canada, Canadian Survey on Business Conditions (June 2023). https://bdl-lde.ca/wp-content/uploads/2023/06/2023_Q2_CSBC_Report_Final_EN.)
    2. Canadian Federation of Independent Business. (2023, May 10). The clock is ticking: Nearly three-quarters of small businesses need more time to repay CEBA loans. Press Release. www.cfib-fcei.ca.
    3. Restaurants Canada. (2023, June 23). https://ontheirplate.ca
    4. Tourism Industry Association of Canada. (2023, June 23). Two Out of Five Tourism Operators surveyed in Canada Report Being at Risk of Closing. Press Release. www.tiac-aitc.ca


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