Ottawa extends emergency loan repayment deadline for Canadian business accounts

Ottawa extends emergency loan repayment deadline for Canadian business accounts

(Image via CPAC.)

The deadlines for companies to repay their pandemic emergency loans are being extended.

Prime Minister Justin Trudeau announced on Wednesday that small businesses now have until the end of 2023 to repay their Canada Emergency Business Account loans.

The program will provide a $60,000 loan to businesses that have seen a decline in revenue as a result of the pandemic, with $20,000 in debt forgiveness possible.

The Secretary of International Trade, Small Business and Economic Development, Mary Ng, says the program offers flexibility.

She says the extension will allow businesses to manage their cash flows, with nearly 900,000 businesses benefiting from the loan.

Trudeau also encourages companies to use the wage subsidy program to keep employees in work.

He says the wage subsidy is retroactive, so employers need to keep people in work. He says more people tied to their jobs will ensure a speedy recovery after the pandemic.

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