Loans

Repayment of federal COVID-19 business loans extended

Repayment of federal COVID-19 business loans extended
Written by Publishing Team

The federal government is extending the deadline for small businesses to pay off Canadian Emergency Business Account (CEBA) loans until the end of 2023.

The government introduced CEBA in 2020 as an interest-free loan program, providing up to $60,000 for small businesses and nonprofits that have experienced a loss of revenue due to COVID-19.

Since it was initially billed, if claimants pay off the balance of their loan at or before the end of 2022, the government plans to waive up to 33 percent of the loan.

Prime Minister Justin Trudeau and Secretary of International Trade, Export Promotion, Small Business and Economic Development Marie Ng announced Wednesday that eligible firms have until December 31, 2023 to repay and are eligible for debt relief of up to $20,000.

Since its launch, the government has modified the program to expand eligibility and 898,254 companies have been approved for these loans so far, totaling $49.17 billion in federal aid.

More is coming …

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