By the first quarter of 2021, over half of the businesses that received a Canada Emergency Business Account (CEBA) loan reported that the funding was essential to continue operations during the pandemic. From April 2020 to May 2021, 29.3% of the CEBA loans were used to pay employee wages. Three-quarters of the businesses that received a CEBA loan expect to fully repay it by December 31, 2022, to qualify for maximum loan forgiveness.
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