FOR IMMEDIATE RELEASE Nov. 15, 2023 — Barrie—Innisfil Member of Parliament John Brassard is advocating for local businesses, addressing their struggles amid challenging economic conditions. Brassard has taken a proactive stance by writing an urgent letter to Canada’s Finance Minister, imploring the government to extend the Canada Emergency Business Account (CEBA) loan repayment deadline for an additional year.
Acknowledging the remarkable resilience and adaptability displayed by local businesses in the face of unprecedented challenges, Brassard emphasized the growing difficulty many face as they continue to recover from the pandemic amid high interest rates, inflation and increased labour costs.
“The prolonged financial hardships are straining businesses across various sectors in Barrie—Innisfil, and I continue to advocate for them,” stated Brassard.
Initially perceived as a one-year plan, the recent clarification revealed that the government’s extension of the CEBA loan repayment deadline is just an 18-day prolongation. This misunderstanding has resulted in uncertainty within the small business community in Barrie—Innisfil.
A petition initiated by the Canadian Federation of Independent Businesses has garnered over 50,000 signatures, including 120 from Barrie—Innisfil. The petition calls for an extension of the CEBA loan repayment deadline until December 31, 2024.
In a recent letter addressed to Finance Minister Chrystia Freeland, Brassard stressed that extending the deadline would provide much-needed breathing space for businesses to recover, rebuild, and contribute to the overall economic resurgence of communities across Canada.
“I believe that a compassionate and pragmatic approach is necessary to support the recovery of our local economy,” expressed Brassard. “An extension of the CEBA loan repayment deadline is not only crucial to ease the financial burden on our businesses and the workers who rely on them, but also necessary to ensure a strong future for our communities.”
For more information, please contact:
Office of MP John Brassard