Prime Minister Justin Trudeau says there will be no extension on the deadline to repay CEBA loans.
That comes as a crushing blow to many businesses, particularly those in the hospitality industry, that have struggled to recover from the pandemic.
Organizations like Restaurants Canada and the St. John’s Board of Trade had been asking for a two-year extension on repayment.
The Prime Minister made the comments during a Chamber of Commerce event in Montreal on Tuesday.
The Canada Emergency Business Account provided interest-free loans of up to $60,000 to help with pandemic recovery.
Jordi Morgan of Restaurants Canada says it’s disappointing but not completely unexpected.
He says they’ve been meeting with resistance from the PMO “for some time now” but as Trudeau indicated it’s time to turn to “what can be done now in the wake of all this.” According to Morgan, “we’ll see what kind of a result it brings and deal with it as it comes.”
