For many Canadian business owners, the Canadian Emergency Business Account (CEBA) loan was a matter of survival. Business owners operating in hard-hit industries often had to choose between finding a way to survive the lockdown or being forced to close. And that’s where they need to indulge in navigating the CEBA Loan application process.
The CEBA program’s application deadline passed on June 30, 2021, and the dust has started to settle on the pandemic’s unprecedented disruption of the Canadian economy. Now, CEBA Loan applicants (and recipients) have major decisions to make. Only 13% of Canadian businesses have repaid their CEBA Loan—and with the loan forgiveness date of December 31, 2023 looming near, repaying the loans may prove to be less straightforward than obtaining them.
Applying for a CEBA Loan was straightforward. CEBA provided much-needed funds for businesses to cover operational costs during the various shutdowns by providing interest-free capital. Accessing these funds was made easy, thanks to the many participating banks and credit unions involved. However, there were still a number of steps businesses needed to take before gaining access to funds.
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