OTTAWA — The deadline for new Canada Emergency Business Account (CEBA) applications is being extended from March 31 to June 30, 2021. This change is aimed at allowing more businesses to access the support and aligns CEBA with the timelines of other federal government-support programs for business.
This extension applies to any new applications for CEBA loans of $60,000, as well as to new applications from businesses that have already received the $40,000 loan and intend to apply for the additional $20,000.
“By supporting Canadian businesses, Canadian jobs and Canadian families, we are not only helping our communities through difficult times; we are preventing economic scarring,” says Chrystia Freeland, Deputy Prime Minister and Minister of Finance. “This support will allow us to have a full and robust economic recovery, when the virus is fully defeated. Extending the CEBA application deadline will allow more businesses to access this support and help them manage their operating costs during these hugely difficult times.”
Launched in April 2020, CEBA provides interest-free loans of up to $60,000 to small businesses, to help cover their operating costs. These loans are partially forgivable as repaying the balance of the loan on or before Dec. 31, 2022 will result in loan forgiveness of up to 33 per cent (up to $20,000). As of March 18, more than 850,000 CEBA loans have been approved, representing nearly $45 billion in credit disbursed.
