Business owners struggling to pay back COVID-19 loans with rising operating costs - National | Globalnews.ca

Canadian Emergency Business Account

If businesses are able to pay back up to $40,000 of the loan by Dec. 31, $20,000 will be forgiven. If not, the business is on the hook to pay it back over the next two years with a five per cent interest rate.“I’ve also injected substantial funds into the business since then. And just as a caveat, not that I necessarily deserve it or whatnot, but I haven’t paid myself prior the five months at this point,” he said.

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