Business groups warn of closures as deadline for partial CEBA forgiveness arrives
Published January 18, 2024 at 6:36 am
Hundreds of thousands of businesses and non-profits received a Canada Emergency Business Account loan of up to $60,000 during the COVID-19 pandemic.
Up to one-third of the loans could be forgiven if the outstanding amount is repaid by today, otherwise the debt will convert into a three-year loan with five per cent annual interest.
Businesses also have the option to refinance the loan with a financial institution, giving them until March 28 to set up the arrangement and still be eligible for partial forgiveness.
The Canadian Federation of Independent Business and Restaurants Canada have been calling for another extension to the deadline.
But on Wednesday, Prime Minister Justin Trudeau said it’s time to wrap up pandemic financial aid programs.