Prime Minister Justin Trudeau says there will be no extension on the deadline to repay emergency pandemic loans for small businesses.

He made the comments during a Chamber of Commerce event in Montreal on Tuesday.

It’s a tough blow for many in the restaurant or tourism business, with some still recovering from lockdowns and high inflation.

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 for the relief.

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

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 with 15 per cent saying they won’t be able to pay it back.