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Finance Minister Chrystia Freeland

Ottawa extends deadline for emergency business support program

Tuesday, March 23, 2021 @ 11:57 AM | By Ian Burns

The federal government has extended the deadline for new Canada Emergency Business Account (CEBA) applications until June 30.

Finance Minister Chrystia Freeland and Small Business Minister Mary Ng announced the extension March 22. 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.

 Finance Minister Chrystia Freeland

Finance Minister Chrystia Freeland

“This support will allow us to have a full and robust economic recovery, when the virus is fully defeated,” said Freeland. “Extending the CEBA application deadline will allow more businesses to access this support and help them manage their operating costs during these hugely difficult times.”

Launched last April, CEBA provides interest-free loans of up to $60,000 to small businesses, to help cover operating costs such as rent, utilities and insurance during a period where their revenues have been temporarily reduced. These loans are partially forgivable as repaying the balance of the loan on or before Dec. 31, 2022, will result in loan forgiveness of up to 33 per cent (up to $20,000).

The government said 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.

“CEBA, along with our other emergency support programs, has been crucial to businesses paying their bills, keeping their doors open and their workers on the payroll,” said Ng. “Recognizing that businesses are facing challenges as we continue to fight the pandemic, we are extending the CEBA deadline to ensure they have the essential support they need. We are listening to business owners and will continue to be there to support them.”

More information about CEBA can be found here.

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