Premiers say pandemic loan repayment period should be extended by one year
Canada's premiers are calling on the federal government to extend the repayment period for interest-free loans given to small businesses and non-profits during the pandemic.
They've written Prime Minister Justin Trudeau, saying small business owners are feeling pinched by the rising costs of housing, groceries, and other essential, like most other Canadians.
"Whether it’s homeowners and renters, or small businesses struggling to recover, we need to support people in these difficult times," B.C. premier David Eby said in the letter. "I would like to thank the other premiers in joining this very important request of the federal government and I am confident that Prime Minister Trudeau will respond positively to support small businesses."
The letter calls for the federal government to extend the repayment period by a year.
During the pandemic, the Canada Emergency Business Account offered small businesses interest-free loans of up to $60,000.
The program approved over $49 billion in loans.
The repayment deadline to qualify for partial loan forgiveness in January 18th.
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