Applications for the expanded Canada Emergency Business Account (CEBA) loan of $20,000 are officially now open, Prime Minister Justin Trudeau said on Friday (December 4) at a press briefing in Ottawa.
The announcement will allow eligible small businesses to access up to $20,000 in funding on top of the $40,000 that was already available.
“And again, $10,000 of this additional financing will be forgivable if repaid by the end of 2022,” Trudeau told reporters.
Trudeau said the CEBA loan has helped almost 800,000 small businesses across the country.
"This program has made a real difference and people still need this support," said the Prime Minister.
The Association of Canadian Travel Agencies (ACTA) has previously spoken in favour of the federal loan program.
"CEBA has been an extremely valuable program to many of the smaller travel agency businesses and independent contractors and increasing the amount with a forgivable portion is good news," said ACTA earlier his week, outlining the several "wins" in Monday's Fall Economic Statement.
ACTA is currently speaking to government contacts to get further clarity on federal aid programs and how they relate to the association's Six-Point Plan.
ACTA says it will continue lobbying for sector-specific aid and a tailored approach through 2021 to save travel agencies and independent contractors from devastating and widespread bankruptcies. For more details, click here.
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