The Canadian Federation of Independant Business is patiently awaiting Friday’s meeting of Canada’s finance ministers, as it would provide an opportunity for the Canada Emergency Business Account deadline to be extended.

There is just over a month left until the repayment deadline on January 18th, and if small businesses can’t repay the loan by then, they will lose up to $20,000 and begin paying interest on the principal amount.

Provincial, federal, and territorial finance ministers will meet tomorrow, and CFIB has high hopes that Deputy Minister Chrystia Freeland will announce a one-year extension to the deadline, as all 13 premiers called for one in recent weeks.

In a news release, CFIB says their data shows only 34 per cent of small business owners have repaid their CEBA loans, while 23 per cent don’t think they’ll be able to pay it back in time.

In addition, CFIB is also calling on ministers to support a freeze of four major tax hikes coming in 2024. These include the carbon tax increasing from $65 per tonne to $80 per tonne on April 1st, Canada Pension Plan and Employment Insurance premiums rising to increase payroll taxes for workers by up to $328 in 20204 on January 1st, and the alcohol excise tax increasing by about 3.5% to adjust to inflation.