You have until October 31, 2020, to apply for CEBA funding.
If you have any questions, you can now contact the government call centre regarding the CEBA at 1-888-324-4201, Monday to Friday, between 9 a.m. and 10 p.m.
Eligibility criteria expanded for Government of Canada's Canada Emergency Business Account (CEBA) program. Please review them before proceeding with your application.
On March 27, the Government of Canada established a new Canada Emergency Business Account for Canadian businesses affected by the COVID-19 situation. Since then, the criteria have been expanded with version 3.0 now available at uni.ca.
This program is designed to help small businesses and non-profit organizations cover operating costs by providing them with a $40,000 loan during a period of temporary reduction in revenue. Twenty-five per cent (25%) of the amount of the loan ($10,000) is forgivable if the business repays $30,000 by December 31, 2022. If the business is unable to repay this amount by December 31, 2022, the balance may be converted to a three-year term loan with an interest rate of 5%. UNI is proud to be accredited to offer this assistance to eligible businesses.
Eligibility criteria :
- The Borrower is a Canadian company in operation since March 1, 2020.
- The Borrower holds federal tax registration status.
- The Borrower has an active business chequing account or an active business operating account with the Lender which serves as its principal financial institution. Such account was opened on or before March 1, 2020, and was not in arrears in the payment of its credit arrangements with the Lender, if any, for at least 90 days as of March 1, 2020.
- The Borrower has never used the CEBA before and will not seek financial assistance under the CEBA through another financial institution.
- The Borrower acknowledges its intention to continue or resume its business.
- The Borrower agrees to participate in post-financing surveys to be conducted by the Government of Canada or its agents.
Version 3.0 of the CEBA now includes two options for which companies may be eligible:
- Option 1: The total payroll paid by the Borrower during the calendar year 2019 was between $20,000 and $1.5 million.
Option 2: Applicants with total payroll of $20,000 or less in the 2019 calendar year must meet the following criteria:
- The borrower must have a Canada Revenue Agency Business Number and have filed an income tax return for 2018 or 2019;
- The borrower must have eligible non-deferrable expenses totalling between $40,000 and $1.5M. These expenses may include rent, property taxes, utilities and insurance. They will be subject to audit and verification by the Government of Canada.
To find our more, consult our frequently asked questions (FAQ).
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For any questions, call 1-888-359-1357. As we are currently experiencing a high call volume, we thank you in advance for your patience.