Government announces greater flexibility and extension of Canada Emergency Business Account
- Launched on April 9, 2020, CEBA provides interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs—such as rent, utilities and insurance—during a period where their revenues have been temporarily reduced. These loans are partially forgivable as repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).
- To qualify for CEBA, applicants must continue to meet either the payroll eligibility criteria or they must demonstrate a minimum of $40,000 in eligible non-deferrable expenses. In addition to requiring a business account, applicants with payroll lower than $20,000 will still need to show that they meet the following CEBA eligibility requirements: A Canada Revenue Agency business number; a 2018 or 2019 tax return; and eligible non-deferrable expenses of between $40,000 and $1.5 million, after taking into consideration other federal COVID-related supports.
- As of August 27, 2020, more than 730,000 CEBA loans have been approved, representing more than $29 billion in credit disbursed.
- To apply for CEBA or to learn more about the program, businesses can contact their primary financial institution. Information can also be found on the program’s website.
- CEBA is administered by Export Development Canada (EDC), which is working closely with Canadian financial institutions to deliver the loans to their existing business banking customers.
- The Business Credit Availability Program is comprised of BDC’s Co-lending Program for SMEs, and its Mid Market Financing Program, and EDC’s Loan Guarantee for Small and Medium-sized Enterprises (SMEs), as well as its Mid-Market Guarantee and Financing Program which will be launching soon.
Source: https://www.bdc.ca/en/about/mediaroom/news_releases/pages/government-announces-flexibility-extension-canada-emergency-business-account.aspx
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