Canada
Government announces extension of Canada Emergency Business Account to help small businesses
Ottawa: Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, and the Minister of Small Business, Export Promotion and International Trade, Mary Ng, announced that the deadline for new Canada Emergency Business Account (CEBA) applications is being extended from Mar 31 to June 30, 2021.
This deadline extension applies to any new applications for CEBA loans of $60,000 or to new applications from businesses that have already received the $40,000 loan and intend to apply for the additional $20,000, read a statement issued by the Canadian government.
The extension will allow more businesses to access the support they need as Canada’s economy continues to deal with localized public health restrictions and, for a number of businesses, reduced opening hours or reduced demand for services.
Extending the application deadline to June 2021 also aligns CEBA with the timelines of other federal government support programs for business.
The extension of the application deadline and other adjustments that the government has made to CEBA, such as introducing the non-deferrable expense stream and increasing the loan amount from $40,000 to $60,000, demonstrate the government’s commitment to stand by small businesses.
(Reporting by Suman Das)
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