Small businesses still hoping for CEBA loan forgiveness extension as time runs out

As the deadline to repay pandemic loans and receive partial forgiveness approaches, small businesses are still hoping the federal government will reverse course and extend it for another year.

Nearly 900,000 organizations applied for and received a Canada Emergency Business Account loan during the COVID-19 pandemic. The federal program offered up to $60,000 in interest-free loans to help businesses and non-profits survive related shutdowns and slowdowns.

A total of $49.2 billion was disbursed through the program.

Up to one third of the loans can be forgiven if businesses pay back the outstanding amount by Jan. 18, 2024.