Ottawa’s pandemic small business loan program lacked checks and balances: AG – National

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Ottawa’s pandemic small business loan program lacked checks and balances: AG – National

By Anja Karadeglija

The ********* Press

Posted December 2, 2024 2:43 pm

Updated December 2, 2024 2:44 pm

1 min read

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The auditor general says the small business loan program the federal government rolled out during the COVID-19 pandemic wasn’t managed in a cost-effective way.

Auditor general Karen Hogan says the Canada Emergency Business Account program wasn’t managed with “due regard for value for money.”

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The program lent 898,000 small businesses $49.1 billion to help cover expenses such as rent and payroll during the pandemic.

The report estimates $3.5 billion of that went to recipients that were ineligible.

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The auditor general says Export Development Canada, which was responsible for the program, acted quickly to get the loans out.

But the report says the Crown corporation relied on sole-source contracts and a single vendor without strong checks and balances.

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