The Canada Emergency Jobs Account (CEBA) provides interest-free loans of up to $ 40,000 to small, nonprofit businesses to help cover their operating expenses during periods when their income is temporarily reduced. This program is implemented by banks and credit unions in cooperation with Export Development Canada.

Business owners can apply for CEBA support through their banks and credit unions.

This support is available until October 31.

CEBA has been extended until October 31, 2020, making the program more accessible to Canadians. If you have already applied for and have any questions about CEBA, please call the CEBA Call Center at 1-888-324-4201 to receive an update on your CEBA application status. The CEBA Call Center is open Monday through Friday from 8:00 AM to 9:00 PM EST.

Originally launched on April 9, 2020, CEBA aims to support businesses by funding them for costs that cannot be avoided or delayed as they take steps to move safely to a holiday period. In this way, it helps businesses position themselves to successfully restart the economy.

The program offers $ 55 billion in interest-free loans of up to $ 40,000 to small, non-profit businesses.

Repayment of the loan balance on or before December 31 will result in a 25% loan forgiveness (up to $ 10,000).

As of June 26, 2020, CEBA-eligible occupations now include small, non-salaried owned businesses, direct-income business owners, as well as family-owned companies that receive dividends instead of salaries. And receive a salary. This means that more small businesses can access it.

CEBA applicants agree that the government can audit to verify the nature of the costs that applicants use to determine their eligibility for CEBA, and acknowledge that inaccuracies may lead to legal consequences.

CEBA, developed by more than 230 financial institutions across the country, is gradually becoming available and starting with larger banks. Other participating financial institutions will start the program in the coming weeks.

All programs are managed through your financial institution. Please visit your institution’s website for more information or frequently asked questions

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