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.
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