Talent Canada
Talent Canada

News
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.

Advertisement

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.

From the Bookstore