As the March 28 deadline for refinancing Canada Emergency Business Account (CEBA) loans approaches, the economic challenges faced by small businesses in Canada remain. The aftermath of the January 18, 2024, deadline to pay off CEBA loans (with forgiveness) has exposed a landscape of confusion, frustration and uncertainty among business owners grappling with the intricate process of refinancing their loans.
The lack of cohesive communication between the host lenders and their CEBA borrowers has become a significant challenge for these small enterprises, exacerbated by the vague guidelines provided by the government to the host lenders regarding guidelines around the refinancing qualifications. Rules have been applied differently by institution, and
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