Banker Turned Government Minister Says Canada Firms Can Survive Covid Debt Demands.

Canada's small business minister, Rechie Valdez, is resisting calls to extend the deadline for repayment of pandemic-era loans, despite warnings from the Canadian Federation of Independent Business (CFIB) that 250,000 firms are at risk of failure. Valdez argues that the government has already been flexible by extending the deadline multiple times and providing billions in support. The loans were designed to have a forgivable portion if repaid by the end of 2022, but the deadline has been extended to January 18, 2024. After this date, the loans will convert to term loans with a 5% interest rate. The CFIB is calling for a further extension, as many small businesses are operating on thin margins. The government has invested billions to support small businesses and offers a business benefits finder to help owners find eligible programs. Valdez, who has personal experience in small business, emphasizes the government's focus on supporting small businesses. [Extracted from the article]