City council wants help for businesses who haven't even started paying pandemic loans back
The federal government will be hearing from St. Catharines city council about helping business owners struggling to repay pandemic loans, in particular those who applied for the Canada Emergency Business Account.
Council voted during its last meeting to ask for a multi-year, interest free plan, as well as 33-percent up to $20,000 continue be forgiven.
Mayor Mat Siscoe stressed some businesses haven't paid anything back. "It is an important issue, and I think it's something that's going to affect our business districts drastically if something isn't done. Not just the downtown, not just Port Dalhousie, not just Merritton, but all the different business districts across the community."
Councillor Robin McPherson added a provincial survey showed payment requirements are putting businesses in peril.
The mayor says he's spoken to many restaurant owners.
"The loans were able to get them through the COVID pandemic, but they have not been able to make any headway, some have made zero headway in trying to repay those loans, because some industries like hospitality have not rebounded yet," he says.
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