The Canada Emergency Business Account (CEBA) provides interest-free, partially forgivable, loans of up to $40,000, to small businesses and not-for-profits, that have experienced diminished revenues due to COVID-19 but face ongoing non-deferrable costs, such as rent, utilities, insurance, taxes and wages.
Business owners can apply for support until December 31, 2020
proposed to expand the CEBA to include an additional interest-free $20,000 loan, 50% of which would be forgivable if repaid by December 31, 2022. Details for the expanded program will be announced soon.
Last week 3183 business received a total of $127 Million under this program,and as of current, for the entirety of this program the total number of businesses that have been approved for CEBA loans is 791,884, and the total funds approved thus far is $31.64 Billion.
If you would like more information, or would like to discuss your eligibility , please feel to contact our office to discuss further.