Ottawa is extending the Canada Emergency Business Account (CEBA)’s repayment deadline to the end of next year.

Minister of Small Business, Export Promotion and International Trade of Canada, Mary Ng says the move comes in recognition of the challenges businesses are facing with renewed lockdowns.

“We are extending the repayment deadline for the Canada Emergency Business Account loans, otherwise called CEBA, and also for the CEBA equivalent lending that is provided through the regional Relief and Recovery Fund,” Ng says.

Ng says eligible borrowers will now have until December 31st of 2023 to repay their loan.

She says Ottawa has heard from businesses that they’re looking for this flexibility which should be there with the extension.