Canadian taxpayers may stand to lose $2.4 billion because of a pandemic loan relief program, federal records show.
The expected loss stems from the $42.9 billion Canada Emergency Business Account (CEBA) program, which offered loans to business owners affected by lockdown orders during the COVID-19 pandemic.
The amount was disclosed after a request by Conservative MP John Williamson who represents the riding of New Brunswick Southwest, according to Blacklock’s Reporter.
The MP asked for figures on “the dollar amount of Canada Emergency Business Account loans projected to be written off as bad debt or other reasons such as fraud.”
Cabinet, in an Inquiry of Ministry tabled in the House of Commons, put the figure at $2.4 billion, though loans are not repayable until Dec. 31, 2023….