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.
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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.
Source_ globalnews.ca