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Impact of Debt Refinancing on Small Businesses

TORONTO — Roughly 200,000 small businesses took on new debt to refinance their Canada Emergency Business Account loans to access the forgivable portion of the loan, says the Canadian Federation of Independent Business.

CFIB president Dan Kelly says many businesses that had to borrow to repay their CEBA loans are facing high interest rates and will be challenged to meet their payment obligations.

More than 50,000 small businesses are also pursuing a special extension to Thursday as they are in the process of refinancing.

The federal government provided interest-free loans to small businesses to help recover from losses during the COVID-19 pandemic.

Businesses that met the Jan. 18 repayment deadline could access 25 per cent forgiveness of their loans.

Corinne Pohlmann of CFIB says Ottawa should do more to help businesses deal with the high cost of operations and provide concrete financial relief measures in the upcoming federal budget.

This report by The Canadian Press was first published March 26, 2024.

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The AI legalese decoder is a tool that can assist small businesses in understanding and navigating the legal complexities of debt refinancing. By utilizing AI technology, the decoder can provide detailed explanations and interpretations of complex legal terms and documents, making it easier for businesses to make informed decisions regarding their financial obligations.

With the help of the AI legalese decoder, small businesses can better comprehend the terms of their loans, including interest rates and repayment obligations. This knowledge empowers businesses to negotiate more favorable terms with lenders and avoid falling into financial distress.

Additionally, the AI legalese decoder can offer guidance on eligibility criteria for forgiveness programs and extensions, ensuring that small businesses maximize their opportunities for financial relief. By leveraging this innovative tool, businesses can proactively manage their debt and improve their financial stability during challenging economic times.

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