Updates to Canada Emergency Business Account (CEBA) and Provincial Funding

December 8, 2020 – The CEBA deadline has been extended and the money available has also been increased: https://ceba-cuec.ca/

  • As of December 4, 2020, CEBA loans for eligible businesses will increase from $40,000 to $60,000.
  • Applicants who have received the $40,000 CEBA loan may apply for the $20,000 expansion, which provides eligible businesses with an additional $20,000 in financing.
  • All applicants have until March 31, 2021, to apply for $60,000 CEBA loan or the $20,000 expansion.

As well, harvesters are having success with the provincial small business funding: https://www.gov.nl.ca/iet/small-business-assistance-program/

Eligible small businesses can apply for a one-time non-repayable contribution of $5,000, $7,500 or $10,000 to provide relief for the impacts felt as a result of the COVID-19 pandemic, such as revenue losses and business adaptations required including physical space, online sales innovation and increased costs of health and safety protocols.

  • 2019 business/organization and financial information pertaining to gross sales and number of employees;
  • 2020 financial information pertaining to estimated losses to date, additional costs for health and safety protocols and/or business adaptations and forecasted losses to December 31, 2020;
  • details of any other COVID-19 support funding applied for or received;
  • details regarding a reasonable plan to continue operations in 2020 and/or 2021; and
  • CRA Business Number if applicable.

 

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

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