A promised expansion of a COVID-19 aid program that allows small businesses to access $40,000 loans guaranteed by the federal government will not launch today as planned.
Finance Minister Bill Morneau took to twitter late last night to announce the Canada Emergency Business Account expansion delay, saying: "Work continues around the clock to ensure the program can securely launch across over 230 financial institutions. We know how important the program is to small businesses and want to launch as quickly as possible. Updates to come."
There's no immediate word on why the program expansion is being delayed.
Several weeks ago the Feds announced the small business loan program would be expanded to allow more to access it, including owner-operated small businesses with payrolls under $20,000, sole proprietors receiving business income directly and family-owned corporations compensating in the form of dividends.