Businesses that received interest-free loans as part of the Canada Emergency Business Account now have until the end of next year to repay.
Good news for businesses struggling as the pandemic lingers on
Prime Minister Justin Trudeau says due to current restrictions, businesses will have an extra year to repay the emergency interest-free loans issued by the federal government.
The Canada Emergency Business Account was created in April 2020, and offered up to $40,000 in interest free loans to non profits and small businesses.
An expansion was later offered, allowing businesses to apply for interest-free loans of up to $60,000.
Eligible organizations in good standing now have until December 31st, 2023 to repay and be eligible for up to $20,000 of debt forgiveness.
Prior to today's update, businesses which repay the loans by the end of this year were to be offered a 33 percent loan forgiveness, up to $20,000.
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