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January 14, 2022 · Financial News
The deadline, which was December 31st, 2022, is now extended to December 31st, 2023.
The federal government announced this new measure as Omicron has caused further restrictions and closures of bars, restaurants and other businesses.
The hope is that this additional year will help businesses have more flexibility and stability to get through this pandemic.
The CEBA program offered interest-free loans of up to $60,000 to small businesses during the pandemic. It was in effect from April 9, 2020, to June 30th, 2021.
With the extension, if a business repays the balance of the loan on or before December 31st, 2023, it would result in loan forgiveness of 33% or up to $20,000.
The outstanding loan would then convert to a two-year term loan with 5% interest per year starting January 1st, 2024 to December 31st, 2025.
The government announced in December 2021 the expansion of the Canada Worker Lockdown Benefit to allow any worker to apply for support if their workplace has capacity limits of 50 per cent or more. The expansion only applies to February 12th, 2022
The Local Lockdown Program for businesses was also expanded to include any employers subject to capacity restrictions. Eligible employers will receive wage and rent subsidies to a maximum of 75% dependent on how much revenue they lost.
The benefits are part of Bill C-2, which became law last month.
