Canada Emergency Business Account (CEBA)

This is a summary of information which has become available through announcements, press releases and the program’s website. We expect more details to be provided at a later date, hopefully soon. 

• As of October 26, 2020, eligible Canadian businesses currently operating through a personal bank account are be able to apply for CEBA. In order to be considered eligible, a business must have been operating before March 1, 2020, must be able to support the existence of $40,000 of non-deferrable expenditures in 2020 and must open a business bank account with their primary financial institution. Applications must be made through the primary financial institution.
• The application deadline for CEBA is being extended to December 31, 2020. 
• An additional interest-free loan of up to $20,000 will be available. This is an addition to the original CEBA loan of $40,000. Half of this additional financing would be forgivable if repaid by December 31, 2022. 
• An attestation of the impact of COVID-19 on the business will be required to access the additional financing. Further details as to what criteria will be required to be met have not yet been provided. 

For additional information or if you have questions related to this subsidy, please contact your Daye & Partners representative.