Prime Minister Justin Trudeau announced on Wednesday that the Canada Emergency Business Account (CEBA) program will be extended until the end of 2023.
The program offers interest-free loans of up to $60,000 to small businesses and not-for-profits during the COVID-19 pandemic.
Going forward, the government said repaying the balance of the loan on or before Dec. 31, 2023 would result in loan forgiveness of 33 per cent, or up to $20,000.
Outstanding loans would then convert to two-year term loans with interest of five per cent per year starting on Jan. 1, 2024, with loans fully due by Dec. 31, 2025.
Trudeau also said he received Quebec’s proposal to tax unvaccinated residents who don’t have a valid medical exemption and is still looking at the details before commenting further.
He added that his government was assured by the Quebec government they will stand by the principles of the Canada Health Act.
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