Changes announced in CEBA requirements and deadlines

Ottawa – As of Oct. 26, eligible Canadian businesses that currently operate with a personal bank account will be able to apply for interest-free loans through the Canada Emergency Business Account (CEBA) program.

Applicants now have until Dec. 31, 2020, to apply.

Restaurants Canada reminds operators that CEBA support is being expanded from $40,000 to $60,000, of which a total of $20,000 will be forgiven if the balance of the loan is repaid before Dec. 31, 2022. This expansion will be available to eligible previous and new CEBA applicants who provide an attestation of the impact of COVID-19 on their business to access the additional financing.

Watch for details on the federal government’s CEBA page.