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/