After several unprecedented years of pressure on Nova Scotia’s small businesses, they need
support from the provincial and federal governments to make it through the post-pandemic
economic recovery.

It’s estimated that one-third of small businesses do not have the money to repay the federal
government for the Canada Emergency Business Account (CEBA) loan, which is due January 18,
2024. That’s why the Nova Scotia Liberal Caucus is calling for the loan repayment deadline to be
extended by one year, until January 18, 2025.

“We have not seen the Premier show leadership on this issue, so we are making the request to the
federal government on behalf of small businesses who are struggling,” said Churchill. “Small
business owners are saying this loan repayment will cause their business to close unless they take
out a personal loan, at a higher interest rate than the CEBA loan, and some of them don’t even
have that option. We’re calling on the federal government to extend the repayment date by another
year to help businesses be able to afford the repayment.”

Local Bedford business Pro Tailors who also had their business impacted by floods this summer
would welcome this extension.

"Our business took another unexpected financial hit this year with unprecedented floods. Having to
repay this loan in just a few short weeks will further impact us financially and could make or break
other small businesses,” said Ken Halef, owner of Pro Tailors. “Extending the loan repayment by a
year would provide us with more financial stability as the economy continues to recover from the
pandemic.”