FOR IMMEDIATE RELEASE September 26, 2023
WHITEHORSE – The Yukon Party Official Opposition is expressing concern about the confusion related to the recent announcement by the Government of Canada regarding the Canadian Emergency Business Account (CEBA) loan repayment extension.
While the Government of Canada announced an extension of an extra year to the overall payment deadline, the schedule for repayment to be eligible for the forgivable portion of the loan has only been extended by 18 days – from December 31, 2023, to January 18, 2024. Additionally, the Government of Canada has suggested that businesses convert their CEBA loans into standard bank loans.
“We’ve been hearing from businesses that they are still struggling to get back on their feet and need a break,” said Economic Development Critic Geraldine Van Bibber. “An 18-day extension does not adequately address the original request for a 1-year extension by hundreds of businesses and business organizations across the country, including the Yukon Chamber of Commerce and the Tourism Industry Association of the Yukon.”
The Yukon Party is echoing calls from business organizations like the Canadian Federation of Independent Business to extend the forgivable deadline from January 18, 2024, to December 31, 2024.
“Telling businesses that they should convert their CEBA loan into a standard bank loan is simply adding to the costs that Yukon businesses will face,” added Van Bibber. “The recent announcement by the Government of Canada has added confusion and complexity, but it will also likely add significant costs to local businesses.”