Good Afternoon BIA Members,
Yesterday (Thursday) the Prime Minister announced an extension to the CEBA repayment deadline and a new repayment schedule. As you all know, we have been strongly urging the Federal government to extend this repayment plan as post covid recovery has been slow and most businesses are not in the financial position to meet the Dec 31/23 deadline. Joining us in this has been Restaurants Canada and the Canadian Federation of Small Business. We were told by Deputy Prime Minister Freeland's office that the Feds wouldn't discuss this issue until after September 18. It seems that the Feds changed their mind - in discussion last night with John Kiru from TABIA we speculate that the Feds wanted to get something out on this before we all combined our forces to further push for a proper extension.
What was announced yesterday is far from what all of us have asked for. For those of you who haven't read the government's statement here is the link:
And here is a summary of what they are now offering:
- The repayment deadline for CEBA loans to qualify for partial loan forgiveness of up to 33 per cent is being extended from December 31, 2023, to January 18, 2024, recognizing that the end of December is a busy time for many Canadian businesses.
- For CEBA loan holders who make a refinancing application with the financial institution that provided their CEBA loan by January 18, 2024, the repayment deadline to qualify for partial loan forgiveness now includes a refinancing extension until March 28, 2024.
- As of January 19, 2024, outstanding loans, including those that are captured by the refinancing extension, will convert to three-year term loans, subject to interest of five per cent per annum, with the term loan repayment date extended by an additional year from December 31, 2025, to December 31, 2026.
- Repayment on or before the new deadline of January 18, 2024 or March 28, 2024 if a refinancing application is submitted prior to January 18, 2024 at the financial institution that provided their CEBA loan, will result in loan forgiveness of $10,000 for a $40,000 loan and $20,000 for a $60,000 loan.
Broadview Construction South Danforth:
- For Broadview south, work is currently happening in the section from Loblaws to Wolfrey.
- TTC track installation will begin next week. This section is straight rail so it should proceed smoothly.
- Crews are currently doing the grinding and asphalt work between Gerrard and Riverdale. This work will proceed up into our section in the next few weeks.
Broadview Construction North of Danforth:
- As of September 11, construction is underway on Broadview north and at Broadview Station, and includes overhead and track switch upgrades and saw-cutting sections of concrete and rail. The contractor is planning heavy excavation to break and excavate old concrete and rail inside the station loop over the next 10 days.
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While the loop must be fully closed, TTC is able to keep limited lanes open on Broadview Avenue during the current phase of work.
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All bus routes at Broadview Station are diverting due to the work inside the loop and roadway. Service changes as of September 11 can be found online here.
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The contractor will move forward with a September 25 full closure of Broadview Avenue between Danforth Avenue and Pretoria Avenue. Local traffic only is expected south of Pretoria Avenue towards the hard closure at Erindale Avenue. The contractor will be installing additional advanced advisory signage over the next few days – specific to the hard closure on September 25. This hard closure will be in place from September 25 to October 25 if all proceeds to plan.