Covid-19 Updates


Covid-19 Updates

New CEBA call Centre Available

Aug 26. 20

If you have applied for CEBA and have questions, please contact the new CEBA Call Centre at 1-888-324-4201 to receive a status update on your CEBA application. The CEBA call centre is open Monday to Friday from 8:00 am to 9:00 pm EST and can address the following types of questions:

  • What is the status of my application?
  • Why was my application declined?
  • Why was my submitted document rejected?

Originally launched on April 9, 2020, CEBA is intended to support businesses by providing financing for their expenses that cannot be avoided or deferred as they take steps to safely navigate a period of shutdown, thereby helping to position businesses for successful relaunch when the economy reopens.

This $55 billion program provides interest-free loans of up to $40,000 to small businesses and not-for-profits.

Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).

As of June 26, 2020, businesses eligible for CEBA now include owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll. This means that more small businesses can access it.

Applicants with $20,000 or less in payroll in 2019 will have to demonstrate having Eligible Non-Deferrable Expenses between Cdn.$40,000 and Cdn.$1,500,000 in 2020. Expenses are considered “Eligible Non-Deferrable Expenses” if they were already incurred in January and/or February 2020, or are due to a legal or contractual obligation as at March 1 and cannot be avoided or deferred beyond 2020 even during a period of shut down and depressed revenues as a result of COVID. CEBA is not intended to provide income support, or support for variable operating expenses to businesses.

CEBA applicants agree that the government may conduct audits to confirm the nature of the expenses applicants use to establish their eligibility for CEBA, and acknowledge that inaccuracies may lead to legal consequences.

The expanded CEBA is being made available gradually by more than 230 financial institutions across the country, starting with the larger banks. Other participating financial institutions will start offering the program over the coming weeks.

All applications are administered through your financial institution. Please visit your institution’s website for more information or the FAQs

 

Please visit https://ceba-cuec.ca/ for more details

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