June 1, 2020
The Government of Canada has recently announced plans for expanded eligibility for the CEBA Program. Details are not yet finalized. Please check back at this page in the coming days as more information becomes available.
The Canada Emergency Business Account (CEBA) program will provide qualifying businesses with an interest-free loan of $40,000 until December 31, 2022. Up to $10,000 of that amount will be eligible for loan forgiveness if $30,000 is fully repaid on or before December 31, 2022. If the loan is not repaid by December 31, 2022, it will be extended for an additional 3 year term bearing an interest rate of 5% per annum. The loan can be repaid at any time without penalty and no principal payments are required until December 31, 2025 when the full amount of the loan is due. Monthly interest must be paid during the additional 3 year term.