Government's $50-billion loan program coming due, but many businesses can't pay
Experts are estimating that 250,000 businesses, including 43% of all small businesses, could be forced to shut their doors as Trudeau's pandemic loans come due
By News on the Net -- National Post—— Bio and Archives--June 21, 2023
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OTTAWA – A $50-billion pandemic loan program is becoming a ticking time bomb for the government and Canadian businesses with six months left before the money is supposed to be repaid.
The government launched the Canada Emergency Business Account during the early months of the pandemic, offering businesses loans up to $60,000. While the loans were processed through regular banks and financial institutions, the federal government backed them leaving the liability on the government’s coffers. ---More...
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