Restaurants Canada calls on Federal Government to Take Action on the Industry’s CEBA Repayment Proposal by May 31
TORONTO, May 08, 2023 (GLOBE NEWSWIRE) -- Today, Restaurants Canada (RC) is calling on the federal government to adopt its Canada Emergency Business Account (CEBA) repayment proposal from RC’s 2023 Federal Pre-budget Submission .
- TORONTO, May 08, 2023 (GLOBE NEWSWIRE) -- Today, Restaurants Canada (RC) is calling on the federal government to adopt its Canada Emergency Business Account (CEBA) repayment proposal from RC’s 2023 Federal Pre-budget Submission .
- 23, 2023, and the repayment deadline quickly approaching on Dec. 31, 2023, time is of the essence to address the acute CEBA loan repayment challenges facing restaurants and other small businesses.
- Bankruptcy filings in foodservice have increased 116 per cent since 2022 and RC is expecting more restaurants to close their doors as a result of the federal government’s failure to take action.
- RC’s CEBA recommendations ask parliament to provide struggling small businesses with a 36-month payback extension on CEBA loans, with a scale-down model on the forgivable portion.