Extended until June 30, 2021. The Canada Emergency Business Account (CEBA) provides interest-free loans of up to $60,000 for small businesses and not-for-profits. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 33 percent.
As of October 2020, eligibility for CEBA was expanded by removing the previous condition of a business needing an active business chequing/operating account. Businesses can now apply after opening a business chequing/operating account with their primary financial institution.
As of December 4, 2020, approved CEBA applicants can receive a $60,000 loan. Recipients of the earlier $40,000 loan may apply for an additional amount up to $20,000. The program is available from more than 220 financial institutions across Canada. Further information can be obtained at 1-888-324-4201.