The Government of Canada has announced that the application deadline for the Canada Emergency Business Account (CEBA) is extended from Aug. 31 to Oct. 31, 2020, while the Business Credit Availability Program (BCAP) is extended to June 2021.
Both programs are part of the measures announced by government to support the economy during the COVID-19 pandemic.
CEBA provides interest-free loans of up to $40,000 to small businesses and nonprofits to help cover their operating costs during a downturn. CEBA loans are partially forgivable (by 25%) if the balance of the loan is repaid on or before Dec. 31, 2022.
BCAP is administered by BDC and EDC. Credit-worthy businesses seeking financing to support their operations and maintain jobs can contact their existing BDC, EDC or private bank account manager to obtain a loan at current market rates.
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