active : Advocacy (political)
MONTRAL, and November 22. 2021 / CNW Telbec / – The Federation of Independent Businesses (FCEI) welcomes the extension until January 31, 2022 of the moratorium on the repayment of capital and interest related to financial assistance granted under the Assistance to Businesses in High Alert Regions (AERAM) Emergency Assistance Program for Small and Medium Enterprises (PAUPME). It was requested by CFIB in Letter to the Minister of Economy.
Quebec’s small and medium-sized businesses are still in a precarious position and are still vulnerable due to the economic constraints associated with the pandemic. In fact, half of them had not regained their normal income. It is necessary to give them more time to recover their health. By extending the moratorium on aid reimbursement, the Qubec government is showing its sensitivity to supporting businesses still negatively affected by the pandemic, comments François Vincent, Vice President of CFIB for Qubec.
CFIB also welcomes additional government assistance under PAUPME. Small and medium businesses facing a slower recovery from COVID-19 can benefit from a loan or loan guarantee of up to an additional $50,000.
The Qubec government can continue this trend and introduce more flexibility to small businesses by making payments over a longer period (10 or 15 years instead of 36 months). This would allow SMEs to take the time to rebuild themselves and regain their former vitality. Remember, they have accumulated an average of about $100,000 in debt due to COVID-19. Francois Vincent concludes that repaying extended over several years would lower monthly repayments, which would make a big difference for small businesses.
The Canadian Federation of Independent Business (CFIB) is the largest federation of small and medium businesses in the country, with 95,000 members across all industries and regions. It aims to increase the chances of success of small and medium businesses by defending their interests with governments, providing them with personal resources and offering them exclusive savings. visitfcei.caTo find out more.
Source: Canadian Federation of Independent Business
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