The deadline to pay back emergency business loans is quickly approaching.

The Canada Emergency Business Account (CEBA) delivered more than $49-billion to nearly 900,000 small businesses to help get through the pandemic and now borrowers must repay by Thursday in order to qualify for loan forgiveness.

The loans maxed out at $60,000 but if it’s paid back this week, businesses can keep $20,000.

It is forcing some to take out secondary loans in order to qualify.

Halifax Chamber of Commerce President Patrick Sullivan says they’ve been lobbying for another extension, but in an email to members he adds there does not appear to be an appetite to do so.

“The Halifax Chamber, like most Chambers across Atlantic Canada have been lobbying for months to have these repayment deadlines extended significantly,” Sullivan explains. “We understand that certain businesses and business sectors that were hardest hit by the pandemic are still in recovery mode, and placing more financial burden on them at this time places a significant number of Canadian businesses at risk.”

If the money is not paid back on time, it will be converted to a three-year loan at five per cent interest.

A recent study by the Canadian Chamber of Commerce released in December of 2023 highlights that 24 per cent of current CEBA borrowers still don’t have a plan to repay and 15 per cent saying they won’t be able to repay.

“While we continue to advocate for our local businesses, the deadline is rapidly approaching and there does not seem to be an appetite from the Federal government to grant any further extensions to the repayment deadlines.” said Sullivan.

Sullivan is encouraging businesses to get in touch with their banks, to work out a plan for repayment.