Canada Emergency Business Account (CEBA)
The Canada Emergency Business Account (CEBA) is a $40,000 limited-time, interest-free loan for your business until December 31, 2022. Developed as part of the Government of Canada's response to COVID-19, up to 25% of the loan is forgivable if paid in full before the December 2022 deadline.
As of June 26, 2020, the Government of Canada expanded the eligibility criteria for CEBA and more Canadian small businesses are eligible to apply. Businesses with a 2019 payroll between $20,000 and $1,500,000 are still eligible to apply, and in addition, businesses with a 2019 payroll of $20,000 or less may now qualify for CEBA.
Because of these expanded criteria, businesses such as sole proprietors and family-owned businesses that pay employees through dividends, among others, may now be eligible.
