The repayment deadline for businesses which took advantage of the Canada Emergency Business Account loans from the federal government, is the end of this year, but the Canadian Federation of Independent Business says more time is needed to bounce back from the pandemic.

Prairie spokesperson for the CFIB, Brianna Solberg, says more than 30,000 business owners have signed their petition calling for an extension to the repayment deadline. Those who aren’t able to repay the loan by then will lose the up to $20,000 forgivable portion and will have to pay the entire amount at a 5 per cent interest rate. Solberg notes that only half of Saskatchewan small businesses are back to their pre-pandemic sales levels and revenues have been slow to recover, particularly in the arts, recreation and hospitality sectors. As well, the cost of everything has gone up.

Businesses aren’t asking for a total loan forgiveness, just more time to repay it, to possibly the end of December of 2025, or at least 2024. Solberg cites that over 8,000 small businesses, or 19 per cent of small businesses in Saskatchewan, are at risk of closing their doors if they have to pay by the deadline at the end of this year.