Skip to main content


Welcome to Numetrica's Blog — your hub for expert insights on accounting, bookkeeping, finance, and business strategies.
5 minutes reading time (1000 words)

Forgive Federal Pandemic Business CEBA Loans

As a business consultant, I have witnessed firsthand the struggles of my clients who have borrowed funds through the Canada Emergency Business Account (CEBA) to keep their businesses afloat amidst the economic turmoil caused by the pandemic. These are hardworking individuals who contribute significantly to our economy, yet they find themselves unable to repay these loans due to continued financial hardship.

The CEBA was designed as a lifeline for small businesses during an unprecedented crisis. However, with over 800,000 approved applications and nearly $35 billion disbursed as of January 2021 according to data from Export Development Canada (EDC), it has become clear that many businesses are still struggling and may not be able to repay these loans.

We must remember that behind every business there is a person or family whose livelihood depends on its success. The inability to repay these loans can lead not only to financial ruin but also immense personal stress and anxiety.

Nearly 900,000 businesses were approved for the program, which distributed just over $49 billion in loans. About a fifth had paid their loans in full by the end of June.

According to a recent survey, 16 per cent of CFIB member businesses said they would be seeking an additional loan from their financial institution to meet the forgiveness deadline. Another 9 per cent said they were considering using home equity to help pay off CEBA on time.

Therefore, we call upon our government representatives and relevant authorities for compassion and understanding in this matter. We urge them to consider loan forgiveness for CEBA borrowers who continue facing financial difficulties despite their best efforts. By doing so, we can help ensure that our local economies remain vibrant while supporting those entrepreneurs who have been hit hardest by this crisis.

Canadians responded and to this almost 18,000 people have signed

Imagen 1

With numerous comments on how they haven’t recovered from the COVID19 crisis.

One of the most vulnerable business sectors are the entertainment.

As an example, restaurants, not only most of them have lost traffic, the increase in costs of food and labour have also contributed and impacted their bottom line.

Furthermore, interest rates have also increased, meaning that they would have to pay almost 10 times more in interest.

Pre-covid interest was at almost 1%
Now, close to 8%
Private lending could be even in 20s.

91% of restaurants took the CEBA loan of $60K
20% can't pay it back :(

Our plight for help got the attention of a radio station and CBC news.

They covered this news on CBC website and then on the CBC National.

So far none of the official Canadian parties have supported the petition.

I used a simple math and crouched the numbers to show that it is bad for the Canadian Economy if the inability to pay this loan would lead to a bankruptcy.

My case, let’s assume that there is a restaurant with 10 employees earning 60K per year. Also let’s assume after paying all the costs the restaurants makes 0 dollar net income.  As long as he/she keeps the doors open, the business and the employees are contributing 180K to the Canadian economy.

Now if he/she is forced to close the door, it is going to costs Canadian 300K in EI payments.

Here is the math:

How much does a business with no Net Income Pays to CRA including the employee deductions


Assume 10 employees making on average 60,000 per year 









 $      6,441.00










 $      9,500.00


Total source deductions

 $   18,216.20


Assume this small business employs 10 staff



  X 18,216.20




If the business closes its door Finnane Minister loess 182,162.00


Now Canada will have to pay EI to these 10 employees who lost their jobs at 55%.
Assuming one year of unemployment.


Salary * 55%






10 employees




Losses through employment closure


 $ 182,162.00




Total losses


 $ 512,162.00


Other impacts:


Employees on a daily basis would have spent money on


Transportation costs 


Morning coffee




News paper


Store rent











Stay Informed

When you subscribe to the blog, we will send you an e-mail when there are new updates on the site so you wouldn't miss them.

Forget dividends, it’s a trap!
Online Payroll Management: A Comprehensive Solutio...


No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Friday, 14 June 2024

One-Stop Shop for Accounting
and Bookkeeping in Ottawa

Frequently Asked Questions - FAQs

Does Numetrica offer tax services for small businesses in Ottawa?

Absolutely! Numetrica is your expert small business accountant in Ottawa, dedicated to providing exceptional tax services tailored for the unique needs of small businesses. We are committed to delivering expert tax preparation, accurate filing, and insightful strategic planning. Our tax services are designed to efficiently minimize tax liabilities and enhance deductions, ensuring that your small business not only adheres to the latest tax regulations but also optimizes financial opportunities.

What makes Numetrica different from other accounting firms in Ottawa?

Numetrica stands out as a leader among accounting firms in Ottawa for our personalized approach & comprehensive expertise in accounting & bookkeeping services. We focus on building long-term relationships with our clients, offering customized solutions that evolve with your business.

What accounting services does Numetrica offer in Ottawa?

Numetrica provides a comprehensive range of bookkeeping and accounting services in Ottawa, including financial statement preparation, tax planning, payroll services, and business coaching.

Our Ottawa accounting firm specializes in both personal tax and corporate tax services, providing tailored solutions to meet the specific needs of your business or personal finances. Whether you're a growing business seeking robust corporate tax strategies or an individual in need of personalized tax guidance, Numetrica is equipped to deliver excellence.

How can Numetrica's bookkeeping services benefit my business in Ottawa?

Our bookkeeping services in Ottawa offer meticulous record-keeping and financial analysis, helping you make informed decisions, maintain cash flow, and streamline your financial processes. We use the latest software and practices to ensure your finances are managed efficiently.

How much does bookkeeping cost in Ottawa?

The cost of bookkeeping services in Ottawa can vary widely depending on several factors such as the size of your business, the volume of transactions, the complexity of your financial needs, and the level of expertise required.

Contact us detailed quote based on your specific business needs. Remember, investing in professional bookkeeping can save you time and money in the long run by ensuring accurate financial records and compliance with tax laws.

Numetrica Accounting

Awards / Featured On

CPA - Chartered Professional Accountants


Check what some of our clients are saying about our services.
  • Samantha Biron

    I highly recommend Moe Tabesh. His service is phenomenal, to say the least. His tax knowledge is extensive and he’s been able to save me a substantial amount of money by following his recommendations. In addition, he is warm, kind, understanding, positive, and flexible, which are qualities I find rare in most accountants I’ve worked with. You’re in good hands with Moe, I can’t recommend him enough.

    Samantha Biron

    President and Founder, Find Your Tribe
  • Jeremy Prudhomme

    Moe and everyone at Numetrica have been incredible at helping with my new corporation and corporate and personal tax returns and my other small business. Their accounting skills are out of this world and the technology they use makes everything so simple and fast. The time you will save will be worth every penny. Thanks again Moe for all your help!

    Jeremy Prudhomme

    CEO, Jeeman TV
  • Farshid Dehnavi

    Mr Tabesh (Captain Number Cruncher) and his perfect team are not only professional in their fields, they are extremely passionate about their clients! Numetrica City continues to support us with corporate and personal tax returns, bookkeeping (thank you so much Sherry ) and We are so happy and appreciative for you and your responsible team, Moe!!!
    I really recommend these guys to everybody.

    Farshid Dehnavi

    President and CEO, Ink Plus
  • Keddy Declan

    I did my first Corporate tax return and cloud accounting with Numetrica City and I am very satisfied with the work they did. The team was very responsive and answered all my questions. I 1000% recommend their services.

    Keddy Declan

    CEO , IT Referrals
  • Sibeso Kehinde

    I would highly recommend Numetrica City-Accountants, Tax and Bookkeepers. Exceptional customer service. I am assured that all my company tax services and payroll are taken care of because of the great team that Moe has. I like the fact that I do not have to worry about driving to a physical location for my accounting services, my company's accounting tax preparations are done online due to the excellent cloud service Numetrica City has. Definitely score a10/10. Thank you for all the good work that you guys do. Greatly appreciated!

    Sibeso Kehinde




    We’d love to hear about your goals and aspirations. After understanding the big picture, we’ll dig into the details of your bookkeeping process so we can assess your needs.


    Once we understand your needs, we’ll send over a proposal that outlines our plan for tackling your challenges and a fixed monthly price for those bookkeeping services.


    Once you accept our proposal, we’ll get your bookkeeping tidied and up to date and begin implementing cloud accounting tools that will ensure proper bookkeeping going forward.
    Get Connected

    Get Connected

    Once the set-up is done, the hard part is over. You’ll be connected to your CPA-level bookkeeper and they will become your main point of contact.


    Once the clean up is done, the hard part is over. You’ll get connected to your bookkeeper and he/she will become your main point of contact. Don’t worry, we only select the best CPA or CPA students.

    Your Unfair Advantage

    Stay up-to-date on the latest accounting news, tax updates, and financial tips. Stay ahead of the game and make informed financial decisions with our expert insights and analysis. Sign up now to start receiving our newsletter!

    Join our family


    Carling Dental
    David Pratt
    Vitallab Solutions
    Smiles by Pocock
    Samuel Associates
    Downtown Dental

    Trust in the superhero accountants of Numetrica to keep your numbers in order and for expert advice on growing your business. Numetrica specializes in providing clients with in-depth accounting and bookkeeping services in Canada and the United States as well as financial advice to assist you in making the right decisions for your business.