Premiers ask federal government for COVID-19 small business loan extension

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VICTORIA — Canada's premiers have sent a joint letter to Prime Minister Justin Trudeau asking the federal government to extend the repayment period for a year for interest-free loans given to small businesses and non-profits during the pandemic.

The federal government's Canada Emergency Business Account offered interest-free loans of up to $60,000 to small businesses during the COVID-19 pandemic.

"That’s why I’m joining other premiers in asking the federal government to give small businesses a chance to recover with more time to qualify for loan forgiveness and by extending CEBA loan repayments for another year." The emergency business program approved $49.2 billion in loans to small businesses and not-for-profits during the pandemic.

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