On December 4, 2020, several financial institutions opened their portals to allow for applications to the additional $20,000 CEBA loan.
An attestation is also required. For other new details and FAQ’s click here.
As an example, this is what TD Canada Trust’s agreement lists:
The Borrower certifies:
that its business is facing ongoing financial hardship (including, for example, a continued decline in revenue or cash reserves, or an increase in operating costs) as a result of the COVID-19 pandemic;
that it intends to continue to operate its business or to resume operations;
that in response to the COVID-19 pandemic it has made all reasonable efforts to reduce its costs and to otherwise adapt its business to improve its viability; and
that it has not used any loan received under the Program to make any payment or pay any expense other than Eligible Non-Deferrable Expenses. Specifically, the Borrower has not used any loan received under the Program to make any prepayment/refinancing of existing indebtedness, any payment of dividends, distributions or increases in management compensation or to increase the compensation of related parties.
Per the requirements of the Program, as set out by the GOC, you acknowledged that the funds from the loan(s) under the Program shall only be used by you to pay (i) your Eligible Non-Deferrable Expenses … incurred or to be incurred by you in 2021.