Ottawa has extended the Canada Emergency Business Account (CEBA) program that provides $40,000 loans for companies struggling due to the coronavirus pandemic.
The government announced on Monday that CEBA will be extended, allowing qualifying businesses to apply for the loan until Oct. 31. Both CEBA and the government’s Canada Emergency Rent Assistance (CECRA) program were set to expire on Monday.
Finance Minister Chrystia Freeland also announced Monday that the government will be working with financial institutions to make the program available to businesses that have been unable to qualify for this program, such as those operating with personal bank accounts instead of business ones.
“We are moving as expeditiously as possible with financial institutions,” Freeland said.
“We’ve listened to small businesses, we’ve heard what you need and we are acting.”
CEBA provides interest-free loans of up to $40,000 to small businesses and not-for-profits. Up to $10,000 of that loan is