Tomorrow, there’s a deadline for around 50-thousand businesses who took advantage of the Canadian Emergency Business Account or CEBA loan during the pandemic.

It’s their last day to qualify for a special extension the federal government allowed for them to refinance their loan to qualify for the forgivable portion of the CEBA loan.

Brianna Solberg, Director of Legislative Affairs for the Canadian Federation of Independent Business has more.

“Roughly 700 businesses are still trying to refinance on time to qualify for that forgiveness and unfortunately 1400 small businesses missed the repayment deadline and therefore lost that $20,000 forgivable portion.”

Two-hundred thousand small businesses, or 23 per cent, were forced to take on new debt to refinance their CEBA loans.

Dan Kelly, CFIB President, said many businesses that had to borrow to repay their loans are facing high interest rates in a business environment that is far from being back to normal.

To hear more about the CEBA loan deadlines, catch Thompson Today at 12:40 and 5:10.