After months of pressure from Skeena-Bulkley Valley MP Taylor Bachrach, Ottawa is extending repayment deadlines for pandemic business loans.
In April of 2020, the Federal Government introduced the Canada Emergency Business Account program to help keep small businesses afloat.
It offered those forced to close their doors or limit operations during the COVID pandemic with government-backed, interest-free loans.
Originally the deadline had been set for the end of 2022, but would later be pushed back to December 31st of this year.
But, as of July, only 10 percent of recipients had fully repaid their loans, with nearly half of recipients in BC at risk of collapsing.
In June, Bachrach penned a letter calling for the deadline to be pushed back another year, and did so again the following month.
Now, Prime Minister Justin Trudeau has announced that the repayment deadline will now be pushed to December 31st of next year.
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