Feds extend business loan program to October
Posted August 31, 2020 11:46 am.
This article is more than 5 years old.
OTTAWA – The federal Liberals have announced an extension of the Canada Emergency Business Account until the end of October.
Finance Minister Chrystia Freeland said the government is also working with financial institutions to expand eligibility to companies that have been shut out of the program.
That would include those who use personal rather than business bank accounts.
The government had said in mid-May that it was working to address that particular issue.
Freeland said details about eligibility changes will be released in the coming days.
The business loan program has provided more than $29 billion in credit through more than 730,000 loans.
Eligible businesses can receive interest-free loans of up to $40,000 through the program and have one-quarter of the outstanding amount forgiven if the balance is repaid by the end of 2022.
On Monday morning, the parliamentary budget watchdog announced another program aiming to provide rent relief to small and medium-sized businesses will cost just under one-billion-dollars this fiscal year.
RELATED: Business rent-aid program to fall well short of budget, PBO projects
The Canadian Federation of Independent Business wants the government to allow tenants to apply directly for help under the commercial rental-assistance program, rather than rely on their landlords to do so.
