The federal government is extending the deadline for small businesses to pay back their Canada Emergency Business Account loans to the end of 2023.
The government introduced CEBA in 2020 as a zero-interest loan program, offering up to $60,000 to small businesses and non-profits who have experienced a loss of revenue due to COVID-19. As it was initially billed, if claimants repaid the balance of their loan on or before the end of 2022, the government planned to forgive up to 33 per cent of the loan.
Now, eligible businesses will have until Dec. 31, 2023 to repay and be eligible for up to $20,000 of debt forgiveness, Prime Minister Justin Trudeau and Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng announced Wednesday.for these loans to date, totalling $49.17 billion in federal assistance.
Property taxes will increase to pay for this
I think they just can't be bothered to deal with the bureaucracy to close the loans. I've paid mine back and I would like to see it removed from my books but I guess it will be there for a couple years. No big deal, its just a minor nuisance.
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