Prime Minister Justin Trudeau announced the expansion of the Canada Emergency Business Account to provide support to small businesses during COVID-19.
At a press conference on Friday, Trudeau said eligible businesses will now be able to access a second loan under the CEBA, if they need additional support.
Originally launched in April 2020, CEBA offers interest-free loans to small businesses and nonprofits to cover expenses that cannot be avoided or deferred. To date, the program has helped nearly 800,000 small businesses across the country, Trudeau said.
As of December 4, eligible small businesses will be able to access a second CEBA loan of up to $ 20,000, in addition to the initial loan of $ 40,000.
Of the newly announced funding, $ 10,000 will be repayable if repaid by the end of 2022.
The measures will protect jobs and ensure that small businesses do not have to close their doors, Trudeau said.
The Prime Minister urged all Canadians to “do their part” and support local businesses and restaurants this holiday season.
âSmall business owners are our neighbors and our friends. They are incredibly hardworking and dedicated people, âsaid Trudeau. âThey are there at the heart of our communities, there at the foundation of our economy.
“This is the time when we need to be there for each other.”