Forgivable Loan Program Extended and Expanded for Businesses


Starting on December 4 and running until March 31, 2021, the Canada Emergency Business Account program is being extended — eligible businesses facing financial hardship as a result of the COVID-19 pandemic are now able to access a second CEBA loan of up to $20,000 – on top of the initial $40,000 that was available to small businesses.

Half of this additional financing, up to $10,000, will be forgivable if the loan is repaid by December 31, 2022.

This means the additional loan effectively increases CEBA loans from the existing $40,000 to $60,000 for eligible businesses, of which a total of $20,000 will be forgiven if the balance of the loan is repaid on time.

Read about all the details around the CEBA program and find out how to apply for this bridge financing support here.