Act Now.  March 28 is the last day for $10k to $20k of government loan  forgiveness

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The Canada Emergency Business Account (CEBA) is an initiative of the Government of Canada.  The official Government website is ceba-cuec.ca

CEBA Timeline Infographic

CEBA LAUNCHED

Jun. 2020

Focused on small business, the federal government launches the Canada Emergency Business Account (CEBA) providing a loan of $40,000 to eligible businesses

ELIGBILITY EXPANDED

Jun. 2020

Payroll eligibility increased from businesses with $50k to $1M in payroll to businesses with $20k to $1.5M

EXPENSE QUALIFICATION ADDED

Jun. 2020

For businesses with less than $20k in payroll, they can apply with eligible non-deferrable expenses of between $40k and $1.5M

APPLICATION DEADLINE EXTENDED

Aug. 2020

The application deadline for CEBA is extended from August 31 to October 31, 2020

APPLICATION DEADLINE EXTENDED

Oct. 2020

The application deadline for CEBA is extended to June 30, 2021

NON-BUSINESS BANK ACCOUNTS

Dec. 2020

Businesses with a non-business bank account can open a new business bank account to be eligible to apply for CEBA

CEBA EXPANSION

Dec. 2020

Businesses that were eligible for the initial $40k loan are now able to expand the loan to $60k of which $20k will be forgiven if repaid by December 31, 2022

REPAYMENT DEADLINE EXTENDED

Jan. 2022

The initial deadline to qualify for the loan forgiveness has been extended from Dec 31, 2022 to Dec 31, 2023

FORGIVENESS & MATURITY EXTENSION

Sep. 2023

Loan forgiveness extended to Jan 18, 2024.  Loan maturity extended to Dec 31, 2026

MORE TIME TO APPLY FOR A LOAN

Sep. 2023

Businesses that apply for a loan with their financial institution before Jan 19, 2024 will have until Mar 28, 2024 to qualify for the government forgiveness.

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