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Government to extend pandemic small business loan repayment deadlines

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Prime Minister Justin Trudeau says the government is extending the repayment deadline for its small business pandemic loan program by one year — but businesses will still lose the forgivable portion of the loan if they don't repay in the coming months.The Canada Emergency Business Account (CEBA) was introduced at the height of the pandemic to help out small businesses forced to close or limit their operations due to public health measures. The program offered interest-free loans backed by the fe

The Canadian Federation of Independent Business said it is disappointed with the government's announcement."The government has failed to address the most critical issue on outstanding CEBA loans — the loss of the $20,000 forgivable portion for those unable to repay the loans by year end," CFIB president Dan Kelly said in a statement.

The Tourism Industry Association of Canada expressed similar sentiments about Thursday's announcement. A vehicle passes the duty free store at the Thousand Islands international border crossing in Lansdowne, Ont., Nov. 8, 2021. Perrin Beatty, president of the Canadian Chamber of Commerce, said the announcement is a signal that the government is listening to business' concerns.

 

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Government to extend pandemic small business loan repayment deadline by 1 yearPrime Minister Justin Trudeau says the government is extending the repayment deadline for its small business pandemic loan program by one year.
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