Canadian Emergency Business Loans $40,000 Interest Free (CEBA)
$40,000 interest free emergency loan for Canadian businesses who qualify with $10k forgivable! Do you qualify?
There is confusion in terms of what types of Canadian businesses qualify for the CEBA, which is the Canadian Emergency Business Account, implemented due to Covid-19. This is a $40,000 interest free loan from the government, of which up to 25%, so $10,000 is forgivable. As long as you pay back the entire amount by a certain date, the government allows you to keep $10,000, thanks for being a Canadian company, so you receive $40,000 and only have to pay back $30,000. That's basically $10,000 in free money. We actually went through the process with one of our companies yesterday and let me tell you first, it is super easy. It literally took 3 minutes and we were approved for $40,000. After approval it apparently takes about 5 business days to physically be deposited, and your bank sets up a line of credit in a separate account. We'll look at the repayment schedule in a minute, but first who qualifies for the CEBA and what are the requirements.
Must be a Canadian operating business in operation as of March 1 2020, Have a federal tax registration. Must have a active business checking account with one of the participating financial institutions as this program is done through participating banks, and you actually apply through your bank online, the list is pretty long I expect most banks are on there.
You must have non deferrable expenses between $40,000 and 1.5 million rent, property taxes, utilities, and insurance, or payroll expenses between $20,000 to 1.5 million. So if you are a contractor who does not receive a salary, or you don't have non deferrable expenses between $40,000 - $1.5 million you would not qualify.
Note there is no criteria requirements relating to whether your business is struggling, or what your financial situation might be. As long as you are a Canadian company with non deferrable expenses or payroll that is within the range as noted above, you qualify.
There is apparently no option to choose a lower or higher amount, it is currently $40,000, take it or leave it. Again it is an interest free loan so it is a fantastic opportunity for your business, and as long as you pay the entire amount by December 31, 2022 that will result in loan forgiveness of 25 percent (up to $10,000).
If you are a Canadian company who would like to apply you can contact your bank or financial institutions, there are 233 participating institutions including credit unions. To get complete details on the program: https://ceba-cuec.ca/
Other programs: https://www.canada.ca/en/department-finance/economic-response-plan.html
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