Entrepreneurship & Small Business

CEBA Expanded-Additional $20k Loan

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  • Feb 24th, 2021 11:35 am
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[OP]
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Nov 23, 2014
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Toronto, ON

CEBA Expanded-Additional $20k Loan

CEBA is also expanded and will make available to small businesses additional loans of $20,000, with $10,000 of those eligible to be turned into forgivable loans if you can pay by 31 Dec 2022
You can avail another $20k CEBA loan if you have already received $40k loan
Last edited by unodos on Oct 11th, 2020 12:42 pm, edited 1 time in total.
104 replies
Deal Addict
Nov 27, 2007
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I wish the trudeau will vet these small business more than blindly handing out another 10k free
Deal Addict
Jan 21, 2018
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Vancouver
Announcement of extensions to CEBA and CEWS: https://www.canada.ca/en/department-fin ... demic.html

Great news for small business, but there are still some issues not sorted out from the earlier CEBA loan program:

- The banks were all over the place in how they decided to hand out the loans, no consistency. Confusion reigned.

- Some banks (like BMO) appeared to be treating them as personally guaranteed by whoever submitted the application on behalf of the business. Neither the banks nor the government have ever clarified the exact responsibility for the loans, and what will happen as inevitably some businesses go bust and won't be able to repay the loans.
Deal Fanatic
May 22, 2003
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Vancouver
I wonder what the criteria for the extra $20k CEBA is
Jr. Member
Oct 11, 2013
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Almost American
Nothing in RBC yet, considering the disaster with them specifically over CIBC, TD and BMO last time around I'm not expecting much.
Deal Addict
Jan 21, 2018
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notenoughsleep wrote: I wonder what the criteria for the extra $20k CEBA is
The government announcement said something about companies having to provide a written "attestation of the impact of COVID-19 on the business".

Maybe something like "COVID-19 broke our business." :)
Deal Addict
Jan 10, 2007
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Abbotsford
Wait - now it's $20K in free cash with no qualifier if the business needs it or not? I already know a few people abusing the first $10K and the wage protection when their business has never been busier. What a sham.
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Feb 24, 2004
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How to apply?
L.I.F.E. - Let It Flow Effortlessly - R. McDougal/ Isle of View
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[OP]
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Nov 23, 2014
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kanata2004 wrote: How to apply?
Through your bank, where you have business account with
Deal Addict
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Feb 24, 2004
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unodos wrote: Through your bank, where you have business account with
Canada Emergency Business Account (CEBA)
On October 9, 2020, the Government of Canada announced that CEBA support will be expanded from $40,000 to $60,000. This expansion is not yet available, and more details on these changes and the launch date will be shared soon.
L.I.F.E. - Let It Flow Effortlessly - R. McDougal/ Isle of View
Enjoy your candle of life. May it warm you & light your way.
[OP]
Member
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Nov 23, 2014
490 posts
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Toronto, ON
kanata2004 wrote: Canada Emergency Business Account (CEBA)
On October 9, 2020, the Government of Canada announced that CEBA support will be expanded from $40,000 to $60,000. This expansion is not yet available, and more details on these changes and the launch date will be shared soon.
May be
But still my previous post remains valid “ you have to apply through your bank “ ,when available
Sr. Member
Mar 3, 2009
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Ottawa, ON
unodos wrote: May be
But still my previous post remains valid “ you have to apply through your bank “ ,when available
@unodos is correct. So far all of this has been handled by the bank that has your business accounts. I am certain that the additionally $20k will be done the same way.

And just like the first round, the government is slow to release information :)
[OP]
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Nov 23, 2014
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dr_torch wrote: @unodos is correct. So far all of this has been handled by the bank that has your business accounts. I am certain that the additionally $20k will be done the same way.

And just like the first round, the government is slow to release information :)
Yes..I think there will be conditions set or may be further delayed

BTW just recently the Fed Government announced that they are expanding CEBA loans to self employed/businesses that are operating through personal accounts and don’t have a business account
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Feb 24, 2004
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Hameeee wrote: did you know that CEBA now have a dedicated website

https://ceba-cuec.ca/
Tough time now. Thanks Prime minister Trudeau
L.I.F.E. - Let It Flow Effortlessly - R. McDougal/ Isle of View
Enjoy your candle of life. May it warm you & light your way.
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Oct 17, 2010
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oakjefferson wrote: Wait - now it's $20K in free cash with no qualifier if the business needs it or not? I already know a few people abusing the first $10K and the wage protection when their business has never been busier. What a sham.
CEBA is suppose to boost business . not save ur ass like CERB was.
Deal Addict
Jan 10, 2007
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Abbotsford
thatsnazzyiphoneguy wrote: CEBA is suppose to boost business . not save ur ass like CERB was.
CEBA is to boost business? The hell are you talking about
Jr. Member
Oct 11, 2013
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Almost American
I've seen it RBC over over a month now, since what October 9th? It's almost December 9th and you still can't apply.

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