Some Saskatchewan small businesses at risk of closing as loan repayment deadline nears
Global News
The Canada Emergency Business Account (CEBA) loans given by the federal government during COVID-19 have to be repaid by Jan. 18th.
Hank Ukrainetz is the owner of Hank’s Tavern, a hotel and tavern in the City of Bradwell, Sask.
Her business was one of the 29,088 small businesses that benefited from federal emergency loans during the covid 19 pandemic.
The Canada Emergency Business Account (CEBA) program gave loans totalling $1.6 billion to Saskatchewan businesses.
Ukrainetz said the loans helped business owners like herself stay afloat.
“The loan helped me keep my staff on. I didn’t have to lay anyone off, it helped keep things in stock,” Ukrainetz said.
Business owners have to pay back the loan by the deadline of Jan, 18.
The Canadian Federation of Independent Business (CFIB) say many businesses may not be able to meet that deadline.
“At the end of December, we had only 40 per cent of our members indicate that they had repaid their … loan, and 28 per cent,” CFIB director provincial affairs, Brianna Solberg said.
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