Canada's provincial and territorial premiers are urging the federal government to extend the Canada Emergency Business Account (CEBA) forgiveness deadline by one year, reports CBC News.
The CEBA program, introduced during the pandemic's peak, provided up to CAD $60,000 in interest-free loans to struggling businesses, with CAD $20,000 being forgivable if repaid by a specific date.
Despite a recent short deadline extension, many businesses advocate for a further one-year delay. The premiers' plea highlights the additional challenges of inflation and higher interest rates small businesses face. Federal Small Business Minister Rechie Valdez has yet to confirm another extension but is considering various options to support these businesses.
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