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ARTICLE · 03 JUNE 2020

COVID-19: Cross Country Update (May 19, 2020)

Miller Thomson
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Today, Prime Minister Justin Trudeau announced an expansion to the eligibility criteria for the Canada Emergency Business Account (CEBA) to include many owner-operated small businesses.

CanadaCoronavirus (COVID-19)
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FEDERAL

The Government of Canada announced the following measures:

Expansion of Canada Emergency Business Account

Today, Prime Minister Justin Trudeau announced an expansion to the eligibility criteria for the Canada Emergency Business Account (CEBA) to include many owner-operated small businesses. The changes to the CEBA are intended to allow more Canadian small businesses to access interest-free loans that will help cover operating costs during a period when revenues have been reduced due to the pandemic.

Launched on April 9, 2020, the CEBA provides zero-interest, partially forgivable loans up to $40,000 to small businesses that have experienced diminished revenues due to COVID-19. 25% of this loan is forgivable if repaid by December 31, 2022.

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