The Canada Emergency Business Account (CEBA)
The government recently announced that a new application stream is being added to the CEBA Program called a Non-Deferrable Expenses Stream. Eligible small businesses that have experienced diminished revenues due to COVID-19 but face ongoing non-deferrable costs such as rent, property taxes, utilities and insurance will also be able to receive a loan of up to $40,000 to help cover operating costs during a period where their revenues have been temporarily reduced.
CEBA Program Update
To provide additional financial support to Canadian small businesses during this time of unprecedented economic challenge brought on by the COVID-19 pandemic, the Government of Canada, alongside its partners EDC and Canada’s financial institutions, are now offering an increase in support for eligible CEBA applicants.
Effective December 4, 2020, the Canada Emergency Business Account (CEBA) loan maximum has increased from $40,000 to $60,000.
Applicants who have received the $40,000 CEBA loan may apply for the additional $20,000 expansion.
All applicants have until March 31, 2021 to apply for the $60,000 CEBA loan or the $20,000 expansion.