Small business owner in Halifax wishes she’d never gotten CEBA loan

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Well today is deadline day for businesses Nationwide to pay back Federal loans they were given during the covid-19 pandemic the government gave out about $50 billion in taxpayers money to help businesses survive close to 900,000 of them took part in the program started in April of 20120 and now almost

Four years later no more extensions to pay back the money it allowed those businesses to secure up to $60,000 in interest free loans up to a third of it can be forgiven if the outstanding amount is repaid today otherwise it’ll be subjected to 5% annual interest some business groups had called for yet

Another extension Ottawa ruling that out and other businesses who have repaid their loans say it’s unfair to give out more extensions or forgive loans because that would penalize them for following the rules all right let’s bring in shovan jamaly she’s the owner of shyan’s kitchen is a retail food producer in

Newport station Nova Scotia shovan thanks for taking the time for CTV thank you so much all right where did yeah where did think stand with you in terms of the loan you got I’m the last I’m the person who is running around right now trying to pay off the

40,000 okay where where going from Banks to Banks yeah so you’re going to bank to bank tell us what you’ve been doing today so the first was there was a hold on my check for the 40,000 so I was in one of the banks trying to get that uh

Hold removed now I’ll be going to the other bank and saying hey see I have the money uh please remove that uh the give me the Forgiveness of the 20,000 will you be able to yeah will you be able to meet the deadline I think yes uh um the the hold

On the check for the for the $27,000 hold on the check has been removed because I had to pay the CBA loan so the bank was really um supportive of it and uh I have got my check of $40,000 now and I will be taking it in few minutes

To my other bank who gave me the ca loan what do you think of this deadline do you agree with it do you think it should be extended again you know I think uh they should have never given me the money I it would have been way better uh if they would

Not have given it to me and taking was I think easier but paying it off was very difficult and especially what happened was after pandemic when the inflation came we were not able to save so for uh would have I should have died my business should have died two or three

Years ago that would have been better so you’re saying that in in fact it was a mistake to take that loan from the federal government I it was a very big mistake of mine of me yes so where does that leave you right now in terms of

Your business uh and the kitchen that you run uh where do things stand financially for your business uh the business it’s more debt on me now more debt on me uh inflation created debt on me there’s more more and more debt on food businesses so we don’t know how

Small businesses will survive one more year of like inflation and all those things yes Shani are you thinking of closing your kitchen uh no I like to fight I love challenges this is one big challenge in front of me I don’t think so I’m closing I’m going to give one more

Shot and and what is the the landscape like right now what are things like for you running this business in uh in Nova Scotia the positive part is uh the products which we make we have learned a lot in last three or four years so I

Consider this as a student clone I have taken and I’m waiting for the day the loan will be paid off it was a lot of learning after 201 uh 19 I would say 2020 it was a lot and lot of learning but we have understood the

Needs of the customer and we will be ma there is a demand for Indian products and Indian dinners and I think I’m GNA use that Shani dagi joining us from Nova Scotia she’s the owner of shani’s kitchen paying off her government loans today scrambling to get to the banks get

The checks cleared Shan I know it’s busy it’s great to have you part of our coverage though today on this story thank you

A small business owner in Halifax says she wishes that she hadn’t been given a CEBA loan and her business should have ‘died’ years ago.

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20 COMMENTS

  1. So, we can send millions of immigrants up there ? It looks like it’s very cheap to build. They managed
    I wonder how welcome they will be. They can dance and collect money from Canadian tax payers too

  2. Millions of Canadians also wish that she never got that CEBA loan. Another leech! Why should taxpayers subsidize businesses with loans that they cannot pay back? It's corporate welfare.

  3. No it's because the government is not a financial institution and shouldn't have put themselves in a position of one. Lenders have lending rules in place to help limit the risk involved in lending of funds and amounts to be lent. Government should know thier place stop over reaching into business including banking.

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