If your small business or not-for-profit hasn’t been able to access the Canada Emergency Business Account interest-free loans because you use a personal banking account to conduct your business, you can now qualify for the program.
The Government of Canada announced that the Canada Emergency Business Account (CEBA) will be available to businesses that have been operating out of a non-business banking account.
To be eligible, businesses must have been operating as a business as of March 1, 2020, must successfully open a business account at a Canadian financial institution that is participating in CEBA, and meet the other existing CEBA eligibility criteria. The deadline to apply for CEBA is December 31, 2020.
CEBA is part of the Government of Canada’s economic response plan to help Canadians and Canadian businesses deal with the COVID-19 pandemic. The measures under this plan are helping businesses keep their doors open, keep their employees on payroll, protect the jobs that Canadians depend on, and recover quickly when the time comes.
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