The CFL is looking for a $30 million interest-free loan from the federal government in a last ditch effort to save the 2020 season.

According to TSN Football Insider Dave Naylor, the league had turned down a $40 million loan from the Business Development Bank of Canada, which contained a higher interest rate and fees.

The CFL continues to meet with the CFL Players' Association about amending the current collective bargaining agreement to allow for an abbreviated season. The league originally set July 24 as the deadline for CBA amendments, an extension of the deal past its 2021 expiry, federal funding and health-and-safety protocols.

That deadline came and went without an agreement. But while the CFL has extended the cutoff date, it hasn't publicly announced a new one.

Time is of the essence if there is any chance of starting a season in September in Winnipeg, the league's tentative hub city.

The CFL says it needs financial assistance to hold a shortened season. Commissioner Randy Ambrosie has said the league collectively lost upwards of $20 million last season and its nine teams have had little to no opportunity to generate revenue due to the pandemic.

The CFL is a gate-driven league, with ticket sales being the primary source of revenue for all franchises.