Business Members: Sign up for CEBA through DUCA
Posted on April 20, 2020

Business Members: Sign up for CEBA through DUCA

 

The Government is providing a special interest free loan program for businesses impacted by COVID-19: The Canada Emergency Business Account (CEBA).

This loan program is intended to help small and medium-sized businesses with operating costs (such as payroll, rent, utilities, insurance, property tax, or debt service) at a time when all but essential services are completely or partially closed. The intention is to support businesses so they will be better positioned to help our economy recover once the pandemic passes.

The CEBA is 100% funded by the Canadian government.

Program Details for Qualifying Businesses (Employers)

  1. Access up to $40,000 as a Line of Credit
  2. Interest free
  3. No minimum monthly principal payments required until December 31, 2022 although principal payments can be made at any time.
  4. 25% of the loan (up to $10,000) is eligible for loan forgiveness providing the remaining outstanding balance is re-paid on or before the Dec. 31, 2022 deadline
  5. If the business is unable to pay back the loan by the end of 2022, it can be converted into a 3-year term loan at the rate of 5%. 

To Qualify

  • Must be an employer who contributed between $20,000 to $1.5 million in payroll in 2019 
  • Had to be operating as of March 1, 2020
  • Micro businesses and non-profits are eligible
  • Business must have been in good financial health prior to the COVID-19 outbreak.

Application is easy

DUCA Businesses Members can apply for the CEBA loan directly through DUCA. 

Click here to apply for CEBA*.

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