Eligible businesses facing financial hardship as a result of the COVID-19 pandemic can now access a second CEBA loan of up to $20,000.
This is on top of the initial $40,000 that was available to small businesses. Half of this additional financing, up to $10,000, will be forgivable if the loan is repaid by December 31st, 2022.
The application deadline for CEBA has also been extended to March 31st, 2021.
This increases CEBA loans from the existing $40,000 to $60,000 for eligible businesses.
If the loan is repaid on time then up to $20,000 will be forgiven.
The application process and eligibility requirements is same for the initial CEBA Loan. You would need to contact the financial institution that provided the initial CEBA loan and provide the appropriate information and documentation. Please note that if you have not applied for the $40,000 before and choose to apply for the CEBA now, you will receive the full $60,000.
Please contact your LFG advisors for additional details.