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Government extends repayment deadline to emergency business account to 2023

By Laura Osman

OTTAWA — Prime Minister Justin Trudeau announced businesses will have longer to repay the loans offered under the Canada Emergency Business Account.

The program offered interest-free loans of up to $60,000 to small businesses and not-for-profits struggling during the COVID-19 pandemic.

Businesses who repay the loans before the end of 2022 were to be offered loan forgiveness of 33 per cent, up to $20,000.

Trudeau says in light of new lockdowns and the reduced capacity many businesses are now operating under, the new deadline has been extended by one year.

The government has approved $49.17 billion in emergency loans through the program.

That includes more the 898,000 businesses were approved for either $40,000 or $60,000 loans.