WHO IS CEBA FOR:
The CEBA is designed to support small business owners in meeting their immediate cash flow needs and includes:
- As of December 4, 2020, hard-hit small businesses and not-for-profits could be eligible for an additional $20,000 CEBA loan, on top of the $40,000 already available.
- $10,000 (25%) of the $40,000 loan or $20,000 (25%) of $60,000 is eligible for complete forgiveness if $30,000 or $40,000 respectively are fully repaid on or before December 31, 2022.
- If the loan cannot be repaid by December 31, 2022, it can be converted into a 3‑year term loan at an interest rate of 5%.
What Businesses will qualify?
CEBA will benefit many Canadian small businesses who:
- Demonstrate that they have paid $20,000 to $1M, in total payroll in 2019
- Demonstrate that they have minimum $40,000 in non-deferable expenses
How to apply for the CEBA?
Eligible businesses interested in applying for the CEBA will apply directly with their financial institutions. This program is implemented by the eligible financial institutions, in cooperation with Export Development Canada.
For further information please visit https://ceba-cuec.ca/