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Changes to Canada Emergency Business Account (CEBA)

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Changes to Canada Emergency Business Account (CEBA)
November 19, 2020

November 19, 2020 – Changes have been made to the requirements and deadlines for the Canada Emergency Business Account (CEBA). CEBA has been expanded to enable businesses that continue to be seriously impacted by the pandemic to access an interest-free loan of up to $20,000, in addition to the original CEBA loan of $40,000.

Half of this additional financing would be forgivable if repaid by December 31, 2022. Additionally, the application deadline for CEBA is being extended to December 31, 2020. Further details, including the launch date and application process, will be announced in the coming days.

Launched in April, CEBA provides zero-interest, partially forgivable loans to small businesses that have experienced diminished revenues due to COVID-19, but face ongoing costs such as rent, utilities, insurance, taxes and employment costs. By assisting these businesses in covering their costs, CEBA is intended to help them resume normal business operations after COVID-19

The FFAW-Unifor advises for members to contact their financial institution to see if you qualify for the extended CEBA benefit.

Read more about these changes HERE: https://ceba-cuec.ca/

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Dr. Erin Carruthers

Dr. Erin Carruthers is the Science Director and Senior Fisheries Scientist with the Fish, Food and Allied Workers Union (FFAW-Unifor), which is the labour union that represents the owner-operator fleet in Newfoundland and Labrador. The FFAW is committed to research and management that supports healthy oceans, fisheries, and coastal communities. Dr. Carruthers received her Ph. D. in Biology from Memorial University in 2011 followed by a postdoctoral fellowship with the Centre for Fisheries Ecosystems Research. Before coming to Newfoundland, Erin worked as a Research Biologist with Fisheries and Oceans Canada at the St. Andrews Biological Station. Her current research program is co-constructed with fish harvesters and includes research on coastal fishing communities, collaborative longline and trap surveys, and best practices for the avoidance, handling and release of unwanted catch.