Battered small businesses need help with two looming bills: Months of deferred GST/HST payments due tomorrow, rent due Wednesday – CFIB

by ahnationtalk on June 29, 20207 Views

Toronto, June 29, 2020 – GST/HST payments that had been deferred to June 30th are coming due tomorrow and many small businesses are worried that costly penalties and interest will start accumulating on amounts they can’t yet afford to pay, warns the Canadian Federation of Independent Business (CFIB). Adding to the high anxiety around cash flow, rent is due on Wednesday with many still not able to access any rent relief and the existing relief program not covering rent beyond June.

“We need to understand that although half of Canadian businesses are now fully open, things are still very far from normal in terms of revenues for the vast majority of businesses. Programs that have been extended like the wage subsidy are helping businesses bridge back to normal. We need to do that with other big costs like GST/HST and rent. Canada’s economic recovery depends on it”, said CFIB president Dan Kelly.

According to new survey data, 30 per cent of small businesses cannot afford their July rent without help. On June 19, CFIB sent an open letter to finance minister Bill Morneau outlining the urgent need to fix the CECRA rent relief program by extending it and creating a path for tenants to access the help directly, which could include an expansion of the forgivable portion of the Canada Emergency Business Account (CEBA) loans.

Read More: https://www.cfib-fcei.ca/en/media/news-releases/battered-small-businesses-need-help-two-looming-bills-months-deferred-gsthst

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