How to apply for the extra $20,000 loan
The government has announced that applications for the expansion of the Canada Emergency Business Account (previously known as CEBA+) are now open! This is good news for businesses facing cash-flow issues due to COVID-19, especially as we come to the end of the year.
What is the CEBA expansion?
The CEBA expansion is an additional $20,000 loan to help cover fixed expenses, like insurance and property taxes. The loan is interest-free and half of it ($10,000) will be forgiven if you repay it by the end of 2022. If you haven’t received the original CEBA loan, you may now apply for a $60,000 loan with up to $20,000 forgivable.
Am I eligible?
To qualify for the CEBA expansion, you need to sign an attestation that COVID-19 has had an impact on your business, in addition to meeting the other eligibility criteria.
How do I apply?
You will apply through the financial institution where you received your original $40,000 CEBA loan. If you haven’t received a CEBA loan yet, you will be able to apply for the full $60,000 at a financial institution where you have a business bank account, if you are eligible. If you use a personal bank account for your business, you will first need to open a business account before applying for CEBA.
More questions?
There is more detailed information about the eligibility, application process and taxes on our website.
Get info on CEBA
What’s next?
The CEBA expansion is good news, but there are still many business owners left behind: for example, you can’t access CEBA if you didn’t have revenue before March 2020. Many sole-proprietors with limited fixed, non-deferrable expenses also do not qualify. We’re still pushing the government to offer more support to new businesses and the self-employed, as well as enhancing the rent and wage subsidies. Add your voice to the fight using our petition.
