The Canada Emergency Business Account (CEBA) provides interest-free loans of up to $60,000 to eligible small businesses and not-for-profits to help cover their operating costs during a period where their revenues have been temporarily reduced.
As of December 4, 2020, eligible businesses facing financial hardship due to COVID-19 may access an expanded CEBA loan of up to $20,000, on top of the initial $40,000 that was available to small businesses.
Repaying the loan on or before December 31, 2022 will result in loan forgiveness of up to $20,000.
The application deadline for the Canada Emergency Business Account (CEBA) has been extended to March 31, 2021.
As of October 26, 2020, eligible Canadian businesses that currently operate through a personal bank account are able to apply for CEBA.
Click here for more details on eligibility and how to apply: