The Canada Emergency Business Account (CEBA) is a $60,000 interest-free, government guaranteed loan to help Canadian business pay for operating costs that the business is not able to defer as a result of COVID 19.
$20,000 of the $60,000 loan is eligible for complete forgiveness if $40,000 is fully repaid on or before December 31, 2022.
Major banks start to accept applications from Thursday, April 9, 2020. Applications are only being accepted online through your bank.
Applicants shall meet the following major criteria:
1. A Canadian operation business active as of March 1, 2020.
2. Total employment income paid in 2019 no more than $1,500,000
3. Applicant can demonstrate the above information by presenting its 2019 T4SUM when requested upon audit
4. The funds from this loan shall only be used to pay non-deferrable operating expenses including, without limitation, payroll, rent, utilities, insurance, property tax and regularly debt services.
5. The business intents to continue to operate it business or to resume operations.