OTTAWA – Prime Minister Justin Trudeau has announced that businesses will have more time to repay loans offered through the Canada Emergency Business Account.
The program offered interest-free loans of up to $60,000 to small businesses and nonprofits struggling during the COVID-19 pandemic.
Companies that repay the loans before the end of 2022 were to be offered a loan forgiveness of 33%, up to $20,000.
Trudeau said that in light of the new shutdowns and reduced capacity many businesses are currently operating, the new deadline has been extended by one year.
The government has approved $49.17 billion in emergency loans under this program.
This includes over 898,000 businesses that have been approved for loans of $40,000 or $60,000.
This report from The Canadian Press was first published on January 12, 2022.
