There was no asking of permission; Midland council simply begged for forgiveness to the federal government on behalf of its small businesses facing CEBA repayments.
Following an extension from last year to this January of the Canada Emergency Business Account pandemic loans due to be repaid, the Downtown Midland BIA crafted a letter to the town asking for support.
Small businesses facing default through inability to repay the pandemic loans were given an option to repay their outstanding amount by January 18 to be considered for up to one-third of loan forgiveness, otherwise having the debt converted to a three-year loan with five per cent interest.
“This is a pay loan that many small businesses relied on to survive the pandemic,” said Coun. Bill Meridis at the council meeting.
“What we’re asking is for the federal government to allow businesses to have the forgivable portion of the $20,000 gifted to them, even if they cannot come up with the $40,000 payment right now.”
Meridis, who has owned many small businesses over the years, vocally supported the BIA request, noting the struggle that local businesses have faced.
“An added $20,000 does have some major circumstances on the longevity of a small business,” Meridis added. “I’m sure most council would agree that this would be a great help to many small businesses; not just here in Midland, but all over the county and the province.”
Those words were backed by Mayor Bill Gordon who read the council resolution to endorse the request, asking for the government to allow businesses facing the five per cent loan to also qualify for forgiveness of the forgivable portion between $10,000 to $20,000; a request was also made to send the resolution to Simcoe North MPP Jill Dunlop and MP Adam Chambers.
Gordon explained that councils are often called upon for matters of symbolic support and solidarity, adding he would support the BIA despite the federal support program being “out of our direct control”.
“Council’s throwing our support behind it for what it’s worth, even if this letter gets to them after they’ve made their decision. It’s unfortunate; it’s just the way timing works, and we’re going to do what we can,” Gordon added.
The resolution was passed without contention.
The Downtown Midland BIA request for support letter is available in full in the council agenda on the town of Midland website.
Council meetings are held every third Wednesday, and can be viewed on Rogers TV cable channel 53 when available, or through the livestream on the Rogers TV website. Archives of council meetings are available through Rogers TV and on the Town of Midland’s YouTube channel.
