Thousands of Restaurants at Risk of Closing as Date Looms for Paying Back Pandemic Loans

Patrons dine on a patio on King Street in Toronto on Sept. 28, 2021. Analysts say many restaurants are now in danger of going under as the CEBA loan repayment deadline looms. The Canadian Press/Evan Buhler

Thousands of restaurants across the country are at risk of closure with the Jan. 18 deadline to pay back pandemic-era loans just around the corner.

Restaurants Canada CEO Kelly Higginson said paying back even part of the Canada Emergency Business Account (CEBA) loans backed by the federal government is difficult if not impossible for many restaurant owners who simply don’t have up to $40,000 to reimburse Ottawa.