The BC government is joining others calling on the federal government to extend loan repayments for struggling small businesses.

Premier David Eby sent a letter last week, echoing calls from other premiers,  that the Bank of Canada consider the human impact of further rate increases, and the potential for additional rate increases to drive up housing costs.

Through the pandemic, the federal government’s Canada Emergency Business Account (CEBA) offered interest-free loans to small businesses and not-for-profit organizations.

The repayment deadline for CEBA loans to qualify for partial loan forgiveness is Jan. 18, 2024.

The call from premiers to extend the deadline on CEBA loan repayments came at the end of Small Business Week, a time to recognize and celebrate the contributions of small businesses to communities and Canada’s economy.

In British Columbia, 122,890 businesses were approved for CEBA loans worth more than $6.6 billion.

In 2022, small businesses contributed 34% to B.C.’s Gross Domestic Product (GDP), higher than any other province.