The Canadian government announces a while back that they would be implementing a $20,000 extension to the CEBA loan. It took a while before the extension actually came to be, but applications are officially open.
The original CEBA loan was $40,000, $10,000 of which was forgivable. The extension puts the total at $60,000, with another $10,000 forgivable. The eligibility requirements for receiving the extensions have not changed much from the requirements for the original loan. If you received CEBA originally, all you need to do is apply for the extension through the same financial institution you used the first time. If you have not yet applied for CEBA at all, you are now required to apply for the full $60,000.
What You Need to Qualify
In order to qualify for CEBA, you need either $20,000 in payroll or $40,000 in non-deferrable expenses. More info can be found here: https://ceba-cuec.ca/.
Something we think is missing from the language online is eligibility for service-based businesses. We think that service-based businesses, especially truckers, should still try to apply for this loan.
We recorded a separate video on that, which can be found here.
The deadline to apply for the $20,000 CEBA loan extension is March 31st 2021.
Watch the video below to learn more about CEBA and the extension. Subscribe to our channel to stay up to date on government support updates throughout COVID-19 and for weekly tax tips!
It is always a good idea to contact your advisor to discuss your personal or business finances. We stay up to date on the current government programs available for business owners and are always happy to help our clients with the application process. If you’re in need of an accountant, check out our services page or book a “Get to Know You” meeting with us by clicking here!
