Toronto, December 4, 2020 — The Canadian Federation of Independent Business (CFIB) is pleased that the Government of Canada has finally honored its commitment to increase the Canada Business Emergency Account (CEBA) by an additional $20,000. The additional loan is now available for business owners who had already received the initial loan of $40,000 and a full loan of $60,000 is available for those who have not yet applied for CEBA. It’s also good news that an additional $10,000 of the new loan amount is forgivable for businesses that repay the loan by the end of 2022. This follows last week’s encouraging decision from extend the CEBA application deadline to March 31, 2021.
CEBA has been an important lifeline for cash-strapped small businesses, especially those currently facing lockdowns or additional restrictions. A recent CFIB survey found that almost a quarter of small businesses expect to run out of cash within three months. It is important to ensure that small businesses have access to cash for the duration of the pandemic.
CFIB continues to advocate for new businesses to access CEBA and other federal assistance programs. They are currently not eligible if they cannot document income or expenses prior to March 2020. Other necessary changes to CEBA include improved access for sole proprietors who may not have a number and those who do not meet the March 1 requirement for signed contracts for certain non-deferrable expenses.
CFIB has also called on the government to make significant fixes to its other programs, including retroactive rent support through the Canada Emergency Rent Subsidy (CERS) from April to September and a top-up of the Canada Emergency Wage Subsidy (CEWS) for businesses forced to close by public health orders.
CFIB recognizes the work of Deputy Premier Freeland and Small Business Minister Ng in listening to feedback from small business owners and making significant changes to COVID support programs like this.
— Dan Kelly, President, Canadian Federation of Independent Business (CFIB)
For media or interview requests, please contact:
Wissal El Alaoui, CFIB
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 110,000 members in all sectors and regions. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. For more information, visit ffic.ca.