But an economist is cautioning against the move, saying taxpayers shouldn't subsidize businesses that are still struggling to pay back the loans more than three years since the pandemic hit.
The deadline to repay these loans was extended last year to December 31, 2023 to ease pressure on businesses still recovering from the pandemic. "While the NDP was glad to see the government listen to calls to extend the original repayment deadline, a second extension giving Canada's small businesses more time to get back on their feet is needed," NDP small business critic Richard Cannings wrote to Finance Minister Chrystia Freeland on Monday.
Businesses that pay back their loans by the end of the year are eligible to have up to a third of their loans forgiven. Those that don't would see their debts converted to a two-year loan with interest of five per cent annually.
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