Small and medium-sized businesses with employees that qualify for the federal government's $40,000 emergency loan program don't have to begin to pay back the money until December 31, 2022. Wright said he doesn't like the provincial loan program interest rate or the requirement that repayment begin on June 30. As for the conditions surrounding the borrowing, MacLellan said those came about as a result of negotiations between the credit unions and the province. He said credit unions looked at the $20 million the province offered to guarantee the loans, and came up with the parameters. MacLellan said he was unsure whether it was the government or the credit unions that ultimately set the payback date.

Source: CBC News May 06, 2020 16:52 UTC