The Owen Sound and District Chamber of Commerce is reminding businesses, they can apply for the Expanded Canada Emergency Business Account (CEBA) starting Friday.
As of June 19th, businesses will be able to apply for the CEBA under the expanded criteria that had been previously announced to allow more businesses to qualify. The CEBA is available through your primary financial institution.
Interest-free loans are available of up to $40,000 to help cover operating costs during a period where revenues have been temporarily reduced due to the COVID-19 pandemic.
Principal payments can be made without fees or penalties, by December 31st 2022.
If the loan cannot be repaid by December 31st 2022, it can be converted into a 3-year term loan with an interest rate of 5 per cent.
You can find more on the Business Development Bank of Canada's website here: https://www.bdc.ca/en/pages/canada-emergency-business-account-ceba.aspx