Job shops which received CEBA loans during the pandemic will have an additional year to fully repay them. PHOTO courtesy Okuma.
Job shops that took the federal Canada Emergency Business Account (CEBA) loan during the pandemic are getting extra time to pay it back.
The federal government is pushing its final repayment deadline by a year. The first repayment deadline was set for Dec. 31 of this year, with businesses that made the repayment by that deadline having up to $20,000 of their loan forgiven. Loans were due in full by Dec. 31, 2025.
But prime minister Justin Trudeau has now pushed the first repayment deadline to Jan. 18, 2024 and the final deadline to Dec. 31, 2026.
CEBA was the most widely used pandemic support program for businesses, through which Ottawa provided loans of either $40,000 or $60,000 to nearly 900,000 enterprises in 2020 and 2021.
