The Canada Emergency Business Account (CEBA) provides interest-free loans of up to $60,000 ($20,000 of which is forgivable) for small businesses and not-for-profit organizations.
How does CEBA work?
The CEBA provides applicants who are eligible $60,000 interest-free loan until December 31, 2022. $20,000 of the loan is forgivable if paid back by the December 31, 2022 deadline. If the loan is not paid back by the 2022 deadline it will convert into 3 year term loan with a 5% interest rate.
To qualify, a business will have to attest that they have been negatively impacted by COVID-19, and qualify under either the payroll stream or eligible non-deferrable expenses stream.
Please contact us to find out if you qualify and get assistance with your application.