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Myanmar Earthquake: Death Toll Climbs to 3,145 Amid Ongoing Rescue Efforts

The devastating earthquake that struck Myanmar nearly a week ago has claimed at least 3,145 lives, with search and rescue teams continuing to recover bodies from the rubble. The 7.7 magnitude quake, which had its epicenter near Mandalay, Myanmar's second-largest city, caused widespread destruction, including collapsed buildings, damaged roads, and destroyed bridges.  Humanitarian aid groups are working tirelessly to provide survivors with medical care and shelter, as thousands remain homeless and vulnerable to disease outbreaks. The United Nations estimates that over 17 million people have been affected by the disaster, with more than 9 million severely impacted.  In response to the crisis, Myanmar's military government has declared a temporary ceasefire to facilitate relief efforts. However, ongoing challenges, including communication blackouts and difficult-to-reach areas, have hindered the full assessment of the disaster's impact.  The coming days will be critical in d...
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Businesses urge Ottawa to extend CEBA loan deadline amid economic slowdown


The Canada Emergency Bank Account (CEBA) loan program, which provided nearly a million businesses with up to $60,000 in interest-free loans to cope with the COVID-19 pandemic, is set to expire on Thursday. Businesses that repay the loan by the deadline can receive partial forgiveness of up to $20,000, or one-third of the loan. After the deadline, the debt is rolled into a three-year loan with a five per cent annual interest rate.

However, many business groups are calling on the federal government to give CEBA loan holders more time to repay the loans and receive the forgiveness, citing the ongoing economic challenges and lockdowns caused by the virus. They argue that forcing businesses to repay the loans now could lead to more insolvencies and closures, especially in hard-hit sectors such as accommodation and food services.

The federal government, on the other hand, has warned that delaying or forgiving CEBA loans would have significant financial consequences for the public finances, as it would add to the already large deficits and debt. Economists at Desjardins estimate that more than half of businesses in Canada received the CEBA loan, and that the total amount distributed was $49.2 billion. They also caution that postponing or cancelling the repayment of the loans could risk additional upward pressure on interest rates, which could affect the cost of borrowing for the government and the private sector.

The CEBA loan program was one of the key measures introduced by the federal government to support businesses during the pandemic. It was launched in April 2020 and was later expanded to include more eligible businesses and increase the loan amount. Businesses that received the loan can use it for expenses such as rent, payroll, utilities, and insurance. The program is administered by financial institutions in cooperation with Export Development Canada.

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