The federal government’s pandemic business loans program lacked the oversight to ensure “value for money,” says Canada’s auditor general, who found that the agency in charge of the program gave out loans to ineligible recipients in some cases.
Export Development Canada (EDC) gave out $3.5 billion in loans to ineligible recipients as part of the Canada Emergency Business Account (CEBA) program, says the report from Auditor General Karen Hogan released on Dec. 2.
