Doubts businesses can pay loans back
The owner of a Hamilton based counceling firm is shaking her head at the 18 day extension offered by the federal government to pay back pandemic loans interest free.
Sarah Warry runs The Bridge, and acknowledges it was extended from December 31st to this Thursday, the latest extension.
"Didn't include anything like a higher amount being forgiven, or the extension being longer. I don't think many people are going to be getting thousands and thousands of dollars in 18 days, it didn't really make a difference."
She doubts many businesses can pay back enough loan to get the rest forgiven. If businesses have a $60,000 loan, for example, and can pay $40,000 by Thursday, they don't need to worry about the rest.
Her thoughts on the chance for another extension after Thursday? "Not at all... I can confidently say not at all. I think at this point they're saying 'give us the money, if you can't, close the doors'."
She says many businesses and charities won't be able to repay within the 2-year plan with interest.
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