Small Business Minister Rechie Valdez has hinted that more help could be on the way for small business owners who are struggling to make ends meet as the deadline to repay emergency pandemic loans approaches.

Valdez, who owned a bakery in Mississauga until 2021, said she has been travelling the country and listening to struggling business owners who say the Canada Emergency Business Account forgiveness deadline of Jan. 18, 2024 is too early.

“I will be able to take that to my colleagues to see what more we can do,” Valdez told BNN Bloomberg in a television interview on Monday.

CEBA offered loans of up to $60,000 to businesses hurt by the pandemic. A third of the loan is forgivable if repaid by the deadline, which has been pushed back twice and now sits firm at Jan. 18. After the deadline, the loan must be repaid within three years at a five-per-cent interest rate.

Small business owners, organizations and elected representatives have pushed for another extension to the deadline, as labour shortages and rising costs take a bite out of profits.

“We are all coming out of a pandemic and some businesses have been able to recover, but industries like the restaurant industry or the tourism industry are having a much more challenging time,” Valdez said.

Her comments came as Restaurants Canada reported that 51 per cent of restaurants are barely breaking even or operating at a loss. 

“The report is devastating to see that restaurants are breaking even or experiencing losses,” Valdez said. “I’m listening to small business entrepreneurs and hearing how we can help.”

Valdez said the federal Liberal government has already reduced taxes on small businesses to nine per cent on their first $500,000 of taxable income and is working to reduce transaction fees from Visa and Mastercard. 

“Those fees add up and when this goes through, small businesses will be able to save close to $1 billion over the next five years,” she said.