Businesses will have more time to repay loans made under the Canada Emergency Business Account, according to Prime Minister Justin Trudeau.
During the COVID-19 epidemic, the initiative provided small businesses and non-profits with interest-free loans of up to $60,000.
Businesses that repaid their debts by the end of 2022 were to receive a loan forgiveness of up to $20,000 in loan forgiveness.
Trudeau says in light of new lockdowns and the reduced capacity many businesses are now operating under, the new deadline has been extended by one year.
The government has approved $49.17 billion in emergency loans through the program.
That includes more the 898,000 businesses were approved for either $40,000 or $60,000 loans.