Canada Emergency Business Account CEBA - PDF document

1 Dec 8 , 2020 – Expanded - Canad
Dec 8 , 2020 – Expanded - Canada Emergency Business Account (CEBA) OTDA Members The Canada Emergency Business Account (CEBA) provides interest - free, partially forgivable, loans of up to $60,000, to small businesses and not - for - profits, that have experienced diminished revenues due to COVID - 19 but face ongoing non - deferrable costs, such as rent, utilities, insurance, taxes, and wages. The Canadian Federal Government has recently expanded CEBA to include an additional interest - free $20,000 loan, 50 % of which would be forgivable if 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 by December 31, 2022. CEBA requirements and deadlines have changed:  As of December 4, 2020, CEBA loans for eligible businesses will increase from $40,000 to $60,000.  Applicants who have received the $40,000 CEBA loan may apply for the $20, 000 expansion, which provides eligible businesses with an additional $20,000 in financing.  All applicants have until March 31, 2021, to apply for $60,000 CEBA loan or the $20,000 expansion. Business owners can apply for support through their banks and cre dit unions. Additional information on the CEBA is found HERE. Sincerely, Adam Moffatt Executive Director Ontario Tire Dealers Association O – 289 - 887 - 4046 E – amoffatt@otda.com W – www.otda.c om