Ottawa prepares to write off CEBA debt

The federal government may be unable to recover upwards of $5 billion in pandemic loans to small businesses, The Globe & Mail reports. The Canada Revenue Agency has taken over responsibility for collections on the Canada Emergency Business Account. According to a briefing obtained by the Globe, the CRA may need to seek out about 100,000 debtors, including 40,000 who weren’t eligible to receive loans to begin with.