Federal update: Interest-free loan requirements and deadlines have changed

Published October 26, 2020

Eligible Canadian businesses that currently operate with a personal bank account are now able to apply for interest-free loans through the Canada Emergency Business Account (CEBA) program.

All applicants now have until Dec. 31, 2020 to apply.

Coming soon: CEBA support is being expanded from $40,000 to $60,000, of which a total of $20,000 will be forgiven if the balance of the loan is repaid before Dec. 31, 2022. This expansion will be available to eligible previous and new CEBA applicants who provide an attestation of the impact of COVID-19 on their business to access the additional financing. Stay tuned to the CEBA website for more details in the coming weeks.

Marlee Wasser

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