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

CEBA Loan in Saint-Jerome

CEBA Loan in Saint-Jerome

 Through the ever-evolving landscape of Saint-Jerome, the COVID-19 pandemic posed unparalleled obstacles for small enterprises and not-for-profit entities. To extend vital financial assistance, the Canada Emergency Business Account (CEBA) loan initiative was introduced. This program offered interest-free loans, with a maximum limit of $60,000, to qualifying businesses.

With this article, we would delve into the effects of the CEBA loan in Saint-Jerome’s business ecosystem, dissect the eligibility prerequisites, and examine the strategies enacted to guarantee equitable aid allocation.

The CEBA Loan initiative proved to be a vital lifeline for numerous businesses in Saint-Jerome, enabling them to persevere through the pandemic’s turbulence.

By providing access to loans of up to $60,000, this program empowered businesses to address critical expenditures, retain their workforce, and successfully navigate the economic hardships brought about by the crisis.

Saint-Jerome businesses seeking to access the CEBA Loan must adhere to precise eligibility standards established by the Government of Canada.

The primary prerequisites encompass maintaining an active business chequing or operational account and proving eligible non-deferrable expenditures between $20,000 and $1.5 million for the year 2020.

A noteworthy modification occurred on October 26, 2020, as the earlier stipulation of having an active business account as of March 1, 2020, was eliminated. This alteration allowed eligible businesses to apply after establishing an account with their primary financial institution.

Eligible CEBA borrowers in Saint-Jerome who maintained a favorable standing had the opportunity to benefit from loan forgiveness. By settling the loan balance by December 31, 2023, they could enjoy forgiveness of up to 33 percent, equivalent to a maximum of $20,000.

This incentive provided businesses with a crucial motivation to ensure timely repayment, thus relieving them of substantial financial pressures.

 The CEBA program underwent an expansion on December 4, 2020, which extended its benefits. Approved borrowers were now entitled to secure a $60,000 loan, marking an increase from the initial $40,000 CEBA Loan. This expansion also permitted businesses that had already obtained the initial loan to apply for the CEBA expansion, thereby accessing an additional $20,000 in financial assistance.

This enlargement of the program served as a valuable lifeline, furnishing added financial aid to businesses contending with the protracted repercussions of the pandemic.

The application window for the CEBA program officially closed on June 30, 2021, and the funding period has concluded. Consequently, no new applications can be accepted, and the CEBA program will not be extending additional financial assistance.

All validation processes for meeting eligibility criteria have been completed, and the outcomes are now definitive. The window for further reconsideration or resolution has passed, and the CEBA program is no longer entertaining new applications.

A Nationwide Reach

CEBA was made accessible through over 220 financial institutions nationwide. This extensive network ensured that businesses not only in Saint-Jerome but across Canada had multiple avenues to apply for the program. This approach streamlined the application process, allowing businesses to access critical financial support efficiently.

CEBA Loan in Saint-Jerome: Repayment Guidelines and Debt Forgiveness

For all CEBA applicants who meet the program’s eligibility criteria, the following repayment terms are applicable to both the original $40,000 and $60,000 loans, as well as the $20,000 expansion:

Repayments and Maturity

– No requirement for principal repayment exists prior to December 31, 2023.

– After December 31, 2023, only interest payments will be necessary until the entire principal amount becomes due by December 31, 2025.

Debt Forgiveness

If the outstanding principal, excluding any potential debt forgiveness amount, is fully repaid by December 31, 2023, the remaining principal balance will be forgiven. This is contingent upon the condition that no defaults have occurred under the loan agreement.

 These adaptable repayment terms and the potential for debt forgiveness have been designed to offer crucial support and financial relief to businesses in Saint-Jerome. They enable these businesses to effectively manage their loan obligations amidst challenging economic circumstances.

Through the provision of interest-free periods and the forgiveness of a portion of the principal for timely repayments, the CEBA program strives to promote economic resilience and stability within the local business community.


– No interest will accrue until December 31, 2023, offering a 0% per annum interest rate during this period.

– Starting on January 1, 2024, a 5% per annum interest rate will apply.

 Impact on Saint-Jerome’s Economic Resilience

The CEBA program has played a pivotal role in nurturing economic resilience within Saint-Jerome during these trying times. By extending support to local businesses through loans, CEBA has effectively mitigated the detrimental impacts of the pandemic on business operations, employee retention, and the overall stability of the local economy.

Urgent Call for CEBA Loan Extension in Saint-Jerome

As the process of economic recovery from the COVID-19 pandemic continues, a substantial number of small businesses in Saint-Jerome, alongside countless others across Canada, are earnestly requesting an extension of the deadline for repaying their Canada Emergency Business Account (CEBA) loans. These businesses, though appreciative of the government’s efforts to provide relief during the pandemic remain highly vulnerable to the economic downturn. Many of them still find themselves in precarious financial situations and have heavily relied on the forgivable portion of the loan as a lifeline.

According to a recent analysis conducted by the Canadian Chamber SME Institute, inflation, rising input costs, and the burden of interest and debt costs are the three most pressing challenges faced by businesses. Smaller enterprises, in particular, are grappling with significant debt-related constraints.

The sense of urgency surrounding the repayment deadline has spurred action from the Atlantic and Canadian Chambers of Commerce. They jointly composed a letter addressed to Finance Minister Freeland, which was endorsed by chambers from all corners of the country. However, individual businesses and nonprofit loan holders also hold a pivotal role in amplifying their voices. It is essential to engage with local Members of Parliament (MPs) and advocate for extended deadlines and additional relief measures.

Small businesses are fundamental drivers of the economy, and offering them extensions and debt relief will contribute to forging a more robust and resilient economic future for both Saint-Jerome and Canada as a whole.


As Saint-Jerome navigates its path to recovery and reconstruction in the post-pandemic era, the enduring impact of the CEBA Loan program reverberates within the city’s business community. CEBA’s crucial financial support has enabled businesses to not only survive but also adapt, innovate, and thrive amid the challenges presented by these extraordinary times.

While the application window for CEBA has closed, its profound influence endures. Businesses in Saint-Jerome persist with resilience, forging ahead with determination as they work towards shaping a brighter and more prosperous economic future.


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