Govt Announces Extension to CEBA for Small Businesses

“By supporting Canadian organizations, Canadian positions and Canadian families, we are not just aiding our networks through troublesome occasions; we are forestalling financial scarring. This help will permit us to have a full and powerful financial recuperation. At the point when the infection is totally crushed. Broadening the CEBA application cutoff time will permit more organizations to get to this help and assist them with dealing with their working expenses during these immensely troublesome occasions. ”

The Honorable Chrystia Freeland
Deputy Prime Minister and Minister of Finance

“Our government is committed to bridging businesses through the pandemic until we are ready for recovery. CEBA, along with our other emergency support programs, has been crucial to businesses paying their bills, keeping their doors open and their workers on the payroll. Recognizing that businesses are facing challenges as we continue to fight the pandemic, we are extending the CEBA deadline to ensure they have the essential support they need. We are listening to business owners and will continue to be there to support them.”

The Honorable Mary Ng 

Minister of Small Business, Export Promotion and International Trade

• Launched on April 9, 2020, CEBA provides interest-free loans of up to $60,000 to small businesses, to help cover their operating costs—such as rent. Utilities and insurance—during a period where their revenues have been temporarily reduced. These loans are partially forgivable as repaying the balance of the loan on, by December 31, 2022. Will result in loan forgiveness of up to 33 percent (up to $20,000).
• As of March 18, 2021, approx. 850,000, CEBA loans have been approved. Representing nearly $45 billion in credit disbursed.
• To qualify for CEBA, applicants must meet either the payroll eligibility criteria, They must demonstrate a minimum of $40,000 in eligible non-deferrable expenses. Addition requiring an active business number. With a successful date of enlistment on preceding March 1, 2020. Candidates with finance lower to $20,000 should show that they meet the accompanying CEBA qualification prerequisites. An income tax return with the Canada Revenue Agency with a tax year ending in 2019. If its tax return for 2019 has not been submitted , 2018. eligible non-deferrable expenses of between $40,000 & $1.5 million. On taking into consideration other federal COVID-related supports.
• To apply for CEBA or to learn more about the program, businesses can contact their primary financial institution.  Information can also be found on the program’s website.
• The Canada Emergency Rent Subsidy (CERS) provides a direct and easy-to-access rent and mortgage subsidy of up to 65 per cent of eligible expenses to qualifying businesses. Charities and non-profits. This support is available directly to tenants.
•  Issued by a qualifying public health authority can receive an additional 25 per cent of rent support. Through the Lockdown Support. The combined effect of the rent subsidy. And the Lockdown Support is that hard-hit businesses. Non-profits and charities subject to a lockdown can receive rent support of up to 90 per cent.
• The Canada Emergency Wage Subsidy (CEWS) covers up to 75 per cent of an employee’s wages. For qualifying eligible employers to keep and re-hire employees and avoid layoffs.