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 a $60,000 CEBA loan or the $20,000 expansion.
*NEW* All applicants can now check the status of their CEBA Loan online at https://status-statut.ceba-cuec.ca/. Please wait for 5 to 7 business days after finalizing your application before checking your status. The loan status website will be able to address the following types of questions:
- What is the status of my application?
- Why was my application declined? How can I fix those errors (if applicable)?
Why would you want to apply?
- from the 40,000 you have to reimburse only 30,000 until December 31, 2022
- from the 20,000 you have to reimburse only 10,000 until December 31, 2022
- The loan is interest-free if is repaid until December 31, 2022
- This forgiveness in loan reimbursement results in 20,000 taxable income in your company. Nice payout I would say!
How you can apply:
Go to your bank and apply for the 20,000 the same way you apply for 40,000.
Your application will be sent to CRA for approval.