The 2024 London Chamber of Commerce Advocacy Survey is now available to be completed by members in order for the Chamber to better understand what issues the membership is facing and how they can be addressed. We value the input of the membership and the results from this survey will be used to develop advocacy initiatives in the coming year.

Daniel Tisch has been hired as the Ontario Chamber of Commerce’s new President and CEO. Daniel Tisch was the CEO for 20 years at Argyle Communications and had previously held senior policy and communications roles in the Government of Canada. The following is a letter from Daniel Tisch to OCC members in regards to the Canadian Emergency Business Account loans.

 

Dear OCC Members,

I am writing to you today with deep concern after hearing from members about small businesses that missed the final Canada Emergency Business Account (CEBA) deadline. As President and CEO, I want to assure you that the Ontario Chamber of Commerce (OCC) has been and will continue to be steadfast in advocating for the interests of our members.  

 

Government support for small and medium-sized businesses was a critical lifeline during and after the pandemic - and we are proud that we successfully made the case for these types of essential programs. The decision not to extend the CEBA deadline, against the advice of the business community, is a critical turning point for many small businesses, some of which are now facing closure or significant financial strain.

 

The Business Data Lab has released their report on the 2023 Q4 Business Conditions Survey which tracks both how businesses feel about their economic outlook as well as how they are performing in the general labour market. There continues to be some growing concern in the business community about profitability and hiring across all sizes of businesses. The cost of goods have become too high for some businesses to remain profitable and with no further extension to the CEBA deadline, many small businesses are being forced to close. It is important to note that the deadline for repayment to receive some forgiveness on CEBA loans has now passed as of January 18th, 2024. This means that any outstanding loans are required to be paid in full by December 31, 2026. According to the BDL Report, only 28% of businesses have fully repaid their loan. Of the remaining loans, 66% of businesses reported that they are likely to have the loans fully paid by the deadline in 2026. This leaves the remaining 34% of businesses with outstanding loans not expecting to repay those loans in full by 2026. These are concerning numbers at a time when businesses are already struggling with costs.