The Canada Emergency Business Account (CEBA) loans for eligible businesses and not-for-profits has increased from $40,000 to $60,000. Applicants have until March 31, 2021, to apply for the $60,000 CEBA loan or the $20,000 expansion if they have already received the $40,000 loan.
With the expansion to the loan, an attestation has been added to the agreement requiring the applicant to confirm it meets various criteria to qualify for the loan. This criteria is more restrictive than the initial CEBA loan (for $40,000) offered in the spring. There are also significant penalties if it is determined that the applicant was not eligible for the loan.
If you apply, these new rules will also apply to the original $40,000 loan, which may have been subject to less restrictive rules when the loan was initially offered. This is because the additional $20,000 loan will cause an amendment to the original loan agreement.
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