2024-01-18 05:00:00
An entrepreneur had to take a second job to repay the federal government emergency loan (CUEC) whose deadline is today to remit up to $60,000 to Ottawa.
• Read also: Race once morest time for 165,000 Quebec businesses
But for more than 165,000 Quebec businesses that have still not repaid the necessary amounts, we will have to be imaginative to find a solution to pay their loan.
“I took a job as a sales director to keep my business alive,” explains Marie-Pierre Bérubé, owner of Kliin.co, an organic cleaning products company. As an entrepreneur, you always have to find solutions.
“I love my business. I created it from scratch. I wanted it to continue.”
Even if she’s in good standing with the federal government, that doesn’t mean she’s out of the woods.
“I am in a better position than many others. Despite everything, I am at a crossroads, she believes. I’ve seen the economy go down for 18 months. People no longer consume in the same way.
“I stopped everything that was digital marketing and started paying attention. I was able to repay, but that doesn’t help the liquidity and development of a business. I’m still stressed.”
In the coming weeks, she will find herself all alone to manage her business, whereas she was able to count on five employees when business was more flourishing.
The deaf ear
According to the CFIB, approximately 45,000 Quebec businesses are threatened with closure in the coming months. In Canada, 200,000 businesses would be at risk.
“We are extremely disappointed that the federal government turned a deaf ear while tens of thousands of SME owners asked for more time to repay their CUEC loan without losing the subsidy portion,” she reacted in a press release. .
For his part, Prime Minister Justin Trudeau reiterated his support for entrepreneurs.
“We have always been there for small businesses,” he said. We understand to what extent they are at the heart of our economy.
“We have already made two extensions. We will continue to work with them, but the COVID supports had to end at some point and it will be now.
Outdated figures
In recent weeks, several entrepreneurs have looked for solutions to repay the government loan.
Nathaly Riverin has advised several entrepreneurs in difficulty in recent weeks. Annie Simard Photographer
Nathaly Riverin, president and founder of the Entrepreneurship Think Tank, helps entrepreneurs in difficulty. These days, there are many requests.
“Often their figures are not up to date,” she mentions. When you’re afraid to face your financial reality, you don’t want to look at your numbers. It’s a bit of an escape.
“You have to know how to take the bull by the horns by making a good budget and good liquidity forecasts. This is how they will know whether or not they can repay the loan.
“You have to relearn how to love your numbers even if it’s difficult.”
With the collaboration of Guillaume St-Pierre, parliamentary office in Ottawa
Last resort solutions
Thousands of businesses will not be able to repay their loans obtained during the pandemic. Despite everything, they still have a few options:
– Obtain proof of a bank refinancing of $40,000 in order to benefit from a $20,000 grant. In this way, the company might obtain a new deadline until March 28, 2024.
– Pay $250 in interest per month for a period of three years. Subsequently, the company must repay the principal of the loan to the government.
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