Finance committee  Thank you, Mr. Ciappara. We'll now go to the Canadian Federation of Independent Business.

Finance committee  Good morning. Thank you for the opportunity to be here. The CFIB represents 97,000 small and medium-sized, independently-owned Canadian companies. They come from every region of Canada, and they are found in every sector of the economy. CFIB data shows that many small businesses continue to face persistent challenges, including high levels of pandemic-related debt, insufficient domestic demand, high interest rates, inflation and increased labour costs.

Finance committee  From the Canadian Bankers Association, we have Alex Ciappara, vice-president and head economist, financial stability and banking policy. From the Canadian Federation of Independent Business, we have Corinne Pohlmann, executive vice-president, advocacy. From Inclusion Canada, we have Jeff Ferguson, executive director, knowledge mobilization and transformation.

Finance  I sincerely hope the Minister of Finance is listening right now. Forty SMEs in her own riding have told the Canadian Federation of Independent Business that they are on the verge of bankruptcy. What message will her economic update send to those 40 businesses in her riding? Will she help them or turn her back on them?

Finance committee  In a survey that we conducted in September, our members told us that rising interest rates were a factor, and 59% of members in the construction industry confirmed that rising interest rates were having an impact on their businesses. Higher interest rates mean that businesses have to pay more to borrow, and some of them can't afford to borrow in order to carry out projects or to buy machinery and equipment, for example.

Finance committee  Thank you, Ms. Demers. Now we'll hear from the Canadian Federation of Independent Business. I understand that you'll be splitting the time. Jasmin Guénette will be going first, followed by Christina Santini.

Finance committee  We have Isabelle Demers, Vice-President, Développement stratégique, affaires publiques et innovation, of the Association des professionnels de la construction et de l'habitation du Québec. From the Canadian Federation of Independent Business, we have the vice-president of national affairs, Jasmin Guénette, as well as the director of national affairs, Christina Santini. From the Canadian Union of Public Employees, we have the senior officer of human rights, Aditya Rao.

Small Business  It is why this past summer more than 250 local and provincial chambers of commerce, including the Greater Kitchener Waterloo Chamber of Commerce, and national business organizations including the Canadian Federation of Independent Business, Better Way Alliance and Restaurants Canada called for an extension on the time small businesses would have to pay back the full loan and still qualify for the grant portion.

Status of Women committee  Some people are currently talking about the risk of businesses going bankrupt, at a rate of 25% to 30%. Organizations like the Canadian Federation of Independent Business, or CFIB, and even farm unions are raising the red flag. The solution proposed by the government is to extend the loan by 18 days. If that doesn't happen, businesses will have to turn to banks, whose interest rates are really incredibly high.

Small Business  These are small businesses that contribute to the vitality of each of our regions. In my constituency of Rivière-du-Nord, 213 SMEs have alerted the Canadian Federation of Independent Business that they are in danger of going bankrupt. When will the minister finally offer businesses the extension they are asking for and stop a wave of bankruptcies that she will have on her conscience?

Small Business  We cannot find the Conservatives when it comes to this critical ask that the Canadian Federation of Independent Business has identified as critical to supporting small business. I am just going to read a note from the Canadian Federation of Independent Business. It is part of their petition.

Small Business  Mr. Speaker, the Canadian Federation of Independent Business has been warning us since June that hundreds of thousands of business could go bankrupt. The CFIB's updated numbers are no better. Right now, 220,000 businesses are in danger of going bankrupt if the federal government does not let them defer repayment of Canada emergency business account loans without losing the subsidy.

International Trade committee  ADICQ in no way disagrees with free trade policies, particularly with the United States. The same is true of the Canadian Federation of Independent Business, an associative partner of ADICQ. We remain receptive to any regulatory framework designed to protect the health of Canadians and the economic health of Canadian businesses.

Small Business  All the premiers agree on this, including the premier of Quebec and the premiers of the other provinces, as well as the National Assembly, the Canadian Federation of Independent Business and the Association Restauration Québec. The federal government's inaction is leading us to a wave of bankruptcies. When will the government finally offer SMEs an adequate deferral of repayment?

Small Business  All the premiers, the premier of Quebec and the premiers of the provinces and territories, as well as the National Assembly, which voted unanimously, the Canadian Federation of Independent Business and the Association Restauration Québec, everyone—except the federal government—is on the same side, that of entrepreneurs. When will the government get on the same page as everyone else and defer repayment, as everyone is calling for?