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House Hansard - 252

44th Parl. 1st Sess.
November 21, 2023 10:00AM
Context: House Hansard - 252 - Nov/21/23
Hon. Rechie Valdez (Minister of Small Business, Lib.)
  • Nov/21/23 2:54:21 p.m.
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Mr. Speaker, we know times were tough and are still tough for small businesses. If they are unable to repay by January 18, they still have a full three years to repay their CEBA loan. We extended the term loan repayment deadline to make sure that small businesses are able to focus on navigating pandemic recovery. We are also cutting taxes for growing small businesses and lowering credit card fees by up to a quarter. We will always be there for small businesses. That will never change.
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Context: House Hansard - 252 - Nov/21/23
Mr. Daniel Blaikie (Elmwood—Transcona, NDP)
  • Nov/21/23 5:31:01 p.m.
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Mr. Speaker, the NDP shares my colleague's disappointment about the Canada emergency business account. That was our position, and in letters and in conversations with the government, we repeatedly asked it to extend the deadline for repayment of the emergency account. What I do not understand is how the federal government can expect to receive more money by forcing companies to repay their loans when they are not currently in a position to do so. We know this will cause bankruptcies. Would my colleague care to comment on that?
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Context: House Hansard - 252 - Nov/21/23
Mr. Alain Therrien (La Prairie, BQ)
  • Nov/21/23 5:35:11 p.m.
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Mr. Speaker, approximately 220,000 businesses are having cash flow problems that are preventing them from repaying the emergency loan. What I understood was that the government was unable to put a figure on the additional amount this would add to the budget. Personally, like many of my colleagues here, I believe that money paid to businesses that are struggling to survive is an investment. I would like my colleague to comment on the calculations that seem to have been done, or not done, regarding the fact that if people are given extra time to repay their loans, there will be fewer bankruptcies and therefore more repayments. It may not even be an expense. I would like my colleague to comment on that.
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