Small businesses in Toronto say CEBA won't be enough to save them
Businesses deemed non-essential by the Ontario government have been some of the hardest hit as many remain closed while Toronto remains in lockdown.
The federal government set up the Canada Emergency Business Account (CEBA) to include $25 billion funding for small and medium-sized businesses affected by the COVID-19 pandemic, providing a $40,000 interest free loan until December 31, 2022.
But a new movement among local businesses aims to raise awareness of the shortfalls of the CEBA program.
Co-owner of Parkdale clothing store Frances Watson, Meg Watson, first proposed the idea of businesses hanging signs that read 'CEBA won't save us' in their windows and use the hashtag #CEBAwontsaveus on the shop's Instagram story.
"What a powerful visual it would be if every small business who is not eligible for/aided by CEBA made a sign like this and hung it in their windows," it read.
Gift and clothing shop Likely General on nearby Roncesvalles Ave caught the note and added a message expanding on the mission of the initiative.
Within the last day, more neighbouring businesses have posted signs, including Capital Espresso and Black Cat Artspace.
"In solidarity with my neighbors and friends," Capital's caption reads. "Truth is, when we open back up again we may lose a few. Ask the govt to step up and tell them we don’t want to shop at only big box stores. We can’t do this without you."
Thanks Johnny, stay tuned #CEBAwontsaveus pic.twitter.com/iX9GPw3406
— Black Cat Artspace (@TheBlackCat_TO) April 15, 2020
Hounslow's House off St. Clair West is also echoing the message of urgency for the government to do more to help small businesses.
The Likely General has already begun crowdfunding to help cover operating costs like rent, taxes, insurance and wages for at least the next two months.
More and more Toronto businesses have said that they will not be able to pay May rent, while small business across Canada are calling for commercial rent relief in addition to the CEBA.
Senior officials in Ottawa say they're looking at ways to relieve rent before widespread business closures are predicted for mid-May.
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