Loan repayments could lead to closures of 8,000 small Saskatchewan businesses

“Those small businesses that fought three hard years just to survive the pandemic are still facing significant challenges on their road to recovery,” said Solberg, whose organization has 4,000 business members.

Solberg conducted a survey with the CFIB which concluded that 19 per cent of all small businesses could close in Saskatchewan.
The loan repayment date was already extended by the federal government once, but Solberg said it’s necessary for the federal government to extend it further.

“The message is loud and clear from small businesses that they need more time and obviously they appreciate the deadline has been extended once already,” said Solberg. “But the situation is still dire.”

Solberg says financial institutions still have time to delay repayments if the federal government decides to grant businesses more time.

If 8,000 Saskatchewan small businesses closed, that would leave many unemployed, said Solberg. She explained that certain sectors would be hit harder than others.

“Particularly in the arts, recreation, hospitality sectors — they’ll struggle to make this deadline,” said Solberg.

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