Small businesses can now apply for an additional $20,000 under CEBA

Applications have opened for the expanded Canada Emergency Business Account (CEBA) program.

Businesses and non-profits that previously applied for CEBA can now apply for an additional $20,000 interest-free loan. Half the loan is forgivable if repaid by Dec. 31, 2022.

First-time CEBA applicants can now receive a loan of $60,000, rather than the previous limit of $40,000. The maximum forgivable amount is now $20,000 (up from $10,000) if the loan is repaid by Dec. 31, 2022.

CEBA loans are intended to help businesses and non-profits cover eligible non-deferrable expenses, such as rent, property taxes, utilities and insurance costs.

The application deadline for CEBA has been extended to March 31, 2021. Applicants must meet the eligibility criteria to qualify.

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