What’s In This Email

• CEBA extension has done nothing to relieve pressure on small businesses

• Minimum wage rises in 6 provinces, but is it enough?

• We did not have a zombie apocalypse on our 2023 Bingo card

• Jays lost

• Handle your interview like a pro with these tips

• Notable spotlight: Warren Steven Scott

• Notable plug 🔌

✍️ TAKE NOTE

CEBA extension has done nothing to relieve pressure on small business owners

The recent 18-day extension to the CEBA loan deadline has left many Canadian small business owners in a quandary. While the forgivable portion of the loan was seen as a lifeline, a significant majority deemed the short extension period insufficient. As businesses grapple with economic challenges and the aftermath of the pandemic, the call for a more substantial extension grows louder, emphasizing the need for more supportive measures.

Key Takeaways

• Many small business owners expected the CEBA loan deadline to be extended by a year.

• Instead, Ottawa announced an 18-day extension from December 31, 2023, to January 18, 2024, which 80% of respondents in a CFIB survey found unhelpful.

• The forgivable portion of the CEBA loan, up to $20,000 or 33%, was crucial for businesses.

• To qualify for this forgiveness, businesses must repay the rest of the loan by the deadline.

• Due to economic challenges and pandemic recovery, only 34% of CFIB’s poll respondents can meet the January repayment deadline.

• 30% are considering borrowing to repay, extending their deadline to March 2024.

• Among those planning to borrow for their CEBA debt, 61% will opt for financial institution refinancing, and 19% will use home equity.

• Another 30% cannot secure additional financing and will incur interest on their entire CEBA loan for two years.

• CFIB and numerous businesses urge the government to extend the deadline for the forgivable portion to the end of 2024.

Minimum wage rises in six provinces, but is it enough?

Amidst a backdrop of economic challenges and rising living costs, six Canadian provinces have taken the step to increase their minimum wages. While this move is seen as a positive step by some, there's a growing sentiment that these hikes might not alleviate Canadians' financial pressures.

Key Takeaways

• Ontario's minimum wage is now $16.55/hr, Manitoba's is $15.30/hr, while Nova Scotia, P.E.I., Newfoundland and Labrador have set theirs at $15/hr. Saskatchewan's minimum wage has risen to $14/hr.

• Advocates believe the raises are insufficient for Canadians to meet their needs. Many Canadians are living paycheck-to-paycheck.

• Craig Pickthorne of the Ontario Living Wage Network states that the living wage should be $23.15/hr.

• Yukon has the highest minimum wage at $16.77/hr, followed by B.C. at $16.75/hr.

• Nova Scotia's workers now earn $1.40/hr more than last year.

• The Canadian Federation of Independent Business warns that wage increases might pose challenges for small businesses, potentially leading to job cuts.

@farahsharghi

If you’re an entry level or junior candidate this video will help you understand why senior candidates stand out #interviewtips #jobinterview

Warren Steven Scott

warrenstevenscott

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Warren Steven Scott is a contemporary accessory designer, fashion designer, tailor, and craftsperson. His label was formed in 2018. Born in 1988 in White Rock, B.C., Scott is a member of the Nlaka’pamux Nation, whose territory is in the interior of present-day British Columbia, with Sts’ailes and British ancestry.

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🔌  NOTABLE PLUG

🎙️ Get Into It: The Hilarious World of Depression; a show about clinical depression...with laughs? Well, yeah. Depression is an incredibly common and isolating disease experienced by millions, yet often stigmatized by society. The Hilarious World of Depression is a series of frank, moving, and, yes, funny conversations with top comedians who have dealt with this disease, hosted by veteran humorist and public radio host John Moe. Listen on Apple or Spotify.

📄 Notable Hires: Director of Social Event Sales @ Park Hyatt. (on-site, Toronto)

🎓 Hope This Helps: Squarespace is introducing new products to help you make money online. Build an e-comm store for your courses or project management services.

🧠 Today We Learned: The Nobel Prize is a highly coveted recognition in the scientific community. Most awardees spend so much time in one field to earn the prize. However, Marie Curie is the only person to win the award in two fields, Physics and Chemistry.

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