Category: pandemic loan

Pandemic Loan Relief Program Paid Out More Than $2B to Unqualified Borrowers: Federal Records

March 23, 2023
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A pandemic loan relief program for small business owners has paid more than $2 billion to borrowers who never qualified for it in the first place, federal records show. The amount was disclosed as a result of a request by Conservative MP Brad Vis, who represents the riding of Mission-Matsqui in B.C., according to Blacklock’s…

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Businesses That Received Pandemic Relief Typically Small and Heavily Indebted: Federal Report

January 6, 2023
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Businesses that borrowed from a federal relief program during the pandemic tended to be small and heavily indebted, says a report by the Department of Industry. Losses under the program are estimated to be in the billions. Published late December, the report, “SME Profile: Recipients of the Canada Emergency Business Account,” noted that the borrowers…

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Canadian Taxpayers May Lose Billions Due to a Pandemic Loan Relief Program

November 19, 2022
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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…

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Write-Off From Pandemic Loan Relief Program May Cost Canadian Taxpayers Billions

November 19, 2022
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Canadian taxpayers may be on the hook for $2.4 billion due to a projected write-off of debts from 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…

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Secret Service Has Seized Over $1.4 Billion in Fraudulently Obtained Pandemic Loans

August 27, 2022
Business & MarketsCrime and Incidentseconomic policiesFraudpandemic loanPolicies & ImpactsPoliticsSecret ServiceUSUS News
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The U.S. Secret Service said on Aug. 26 that it had seized $286 million in fraudulently obtained pandemic loans, bringing the total amount of stolen funds recovered by the agency to $1.4 billion since the relief program was rolled out in 2020. The Secret Service said in a statement that it had returned the $286…

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