A statement issued by the Canadian Federation of Independent Business (CFIB) warns that if the Canadian government does not extend the deadline to repay COVID loans, around 19 percent of small businesses in the country, roughly a quarter of a million, may have to shut down next year. The CFIB highlights the impact of missing the Dec. 31 deadline to repay the Canada Emergency Business Account (CEBA) loan, which provided interest-free loans of up to $60,000 to small businesses and not-for-profits. Businesses that fail to meet the deadline will lose the forgivable portion of the loan, which could add up to $20,000 to their debt and result in 5 percent interest on the full balance. The CFIB emphasizes that businesses are still recovering from the pandemic and need more time to repay their loans. They urge the government to act quickly and allow financial institutions to delay repayment processes. The report from CFIB indicates that only 10 percent of CEBA recipients have fully repaid their loans, and a significant portion of small businesses are at risk of missing the repayment deadline. The CFIB has launched a petition to extend the loan repayment deadline and has received over 3,500 new signatures in May alone. They stress that without an extension, more businesses will be forced to close, leading to serious consequences for employees and the wider economy.