Episode 16 CEBA Loan Blues

Hello!

Happy Wednesday night!  Time management my friends is not my friend right now!  But, I've been working on some cool things which I'll be announcing mid-year...gotta wait!

Today I am on what might seem like a tangent but is related to food and the restaurant industry and a part of why so many places here in Canada are closing down and that is the CEBA loans.  These loans (CEBA stands for Canada Emergency Business Account) are now due, well as of 6 days ago they were due.  And, many places in Canada have come up short and can't repay them.  This is a terrible situation because if you were a business in good standing, then you were getting a nice forgiveness portion to the loan.  So, on a 40K loan, you didn't have to repay !0K and on a 60K loan you didn't have to repay $20K.  If you didn't pay or didn't make arrangements (after MANY extensions) then you're hooped!

I explain a bit about these loans today and what it means for some businesses but also the trend that bothers me of armchair commenters putting in their 2 cents that businesses should be forgiven the loans, or subsidized or some other such arrangement.

There is also a campaign on Restaurants Canada's website asking for CEBA loan extensions for restaurants until the end of this year and why the government should do this.  Read about it here:

https://www.restaurantscanada.org/extend-ceba#take-action

The gist of their plea is that 1 in 5 restaurants will have to shut their doors because they can't make the repayments.  This will definitely leave a gap in the industry and be awful for those small businesses...but also this wasn't a surprise deadline.

Let me know what you think??  I'm less ranty in  this than I thought I would be!

 

Also, my awesome mug is from Emma Cranston Pottery!  Check her out!

https://emmacranstonpottery.ca/