By Canadian Press

CP NewsAlert: Premiers ask Ottawa for COVID-19 small business loan extension

Oct 20, 2023 | 10:11 AM

VICTORIA — Canada’s premiers have sent a letter to Prime Minister Justin Trudeau asking the federal government to extend the repayment period for a year for interest-free loans to small businesses and non-profits given during the pandemic.

The federal government’s Canada Emergency Business Account offered interest-free loans of up to $60,000 to small businesses during the COVID-19 pandemic.

B.C. Premier David Eby says in a letter to the prime minister that small businesses, like most other Canadians, are feeling squeezed by the rising cost of housing, groceries and other daily essentials, and just when they are starting to recover after the pandemic they are facing rising inflation and interest rates.

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The Canadian Press