Federal COVID-19 Business Loan Repayments Extended

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The federal government is extending the deadline for small businesses to repay their Canada Emergency Business Account (CEBA) loans until the end of 2023.

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

As initially billed, if claimants repaid their loan balance by the end of 2022, the government planned to forgive up to 33% of the loan.

Now, eligible businesses will have until December 31, 2023 to repay and be eligible for debt forgiveness of up to $20,000, Prime Minister Justin Trudeau and Minister of International Trade, Export Promotion announced Wednesday. , Small Business and Economic Development Mary Ng.

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

More soon…

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