Bank financing - CEBA Program - Updated for Dec 2023 Change et al

- was available thru your primary bank

- was eligible for employers with $50,000 of payroll or more - this is round 1

- was eligible for employers with $20,000 of payroll or more - this is round 2

- up to $40,000 of interest free financing to help to pay for operating costs which could not be deferred.  If $30,000 is repaid by December 31, 2023, the rest of the loan will be forgiven.  If it is not repaid then the loan will be converted into a 3-year term loan with an interest rate of 5%.

- the CEBA program was expanded by another $20,000, if the business owner can attest that the pandemic continues to impact the profitability and cash flow of their businesses.  In similar fashion, $10,000 will be forgiven, if the entire CEBA loan is repaid by December 31, 2023. 

The Government has qualified every company who received CEBA, unless fraud is involved; so clients should pay back loans received in Nov or Dec 2023.