The Canadian Emergency Business Account has potential to provide up to $670 million directly to farmers from the forgivable portion of Canadian Emergency Business Account interest-free loans.
It is estimated that the expanded eligibility to the CEBA announced on May 19 more than doubled the amount of farmers eligible for the CEBA benefits.
The changes allow an estimated additional 36,566 farms nation-wide to access the CEBA, for a total of over 67,000 eligible farms across Canada. This equates to up to $2.68 billion in interest-free loans to Canadian farmers, 25% of which is forgivable. Each farmer can access up to $40,000 in interest-free loans, which, if paid off by the end of 2022, entitles the farmer up to $10,000 of that amount to be forgiven.