CEBA repayments weigh on small businesses

Business owners who took out loans under the Canada Emergency Business Account are feeling the stress of looming deadlines, CBC News reports. Businesses that pay the majority of their balance by Jan. 18 can be forgiven up to $20,000. They also have the option of refinancing at higher interest rates.

“Do we take a loan out or do we just empty the bank account?” said Rod Castro, owner of two Ottawa restaurants. “That’s the juggling act right now.” Dan Kelly, president of the Canadian Federation of Independent Business, called it “outrageous” that the rules around refinancing were only clarified in early December, just weeks before the coming deadline.