December 4, 2020

Your CFA Update on COVID-19

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CEBA $20K Top Up Loans Launch Today

Today (Friday) the federal government announced that Canada’s banks are now able to accept applications for the expanded Canada Emergency Business Account (CEBA) program. The expansion was originally announced in October.

Existing borrowers who already received the $40,000 loan can apply for the $20,000 top up through their financial institution.

For new CEBA applicants, they can now apply for a loan of $60,000 if they qualify under the program requirements. In addition, the federal government is increasing the maximum forgivable amount from $10,000 up to $20,000 if the total CEBA amount borrowed is repaid by December 31, 2022.

The amount of forgiveness is dependant on a number of variables including loan size, which are detailed in the FAQs on the CEBA website.

Application Deadline also extended

The deadline to apply has been extended to March 31st, 2021.

Canada added 62,000 jobs in November, slowest month of recovery 

Canada's economy added 62,000 jobs last month, which is better than economists had been expecting, but it's also the lowest total since the labour market recovery from COVID-19 began in May.

Statistics Canada reported Friday that the jobless rate ticked down four basis points to 8.5 per cent. That's down from a peak of 13.7 per cent in May, but still well above the 5.6 per cent rate seen in February, before the pandemic.

Canada lost more than a million jobs in March and another two million in April, before the job market started to recover in May. According to Statscan, more than 19.1 million Canadians aged 15 or over had some sort of job in February. Last month, that figure stood at just over 18.6 million.

There are currently 1.7 million people in Canada officially categorized as unemployed, which means they would like to work but can't find any. Roughly one quarter of them — 443,000 people — have been out of work for more than half a year.

Manitoba lost 18,000 jobs last month, while Ontario added 36,000 and Quebec 15,000. British Columbia added 23,000 and the Atlantic provinces added a total of 17,000.

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COVID-19's impact on the world is creating waves across all sectors and industries.

Every member of the CFA community is dealing with an issue that is affecting the world, our industries, our communities, our businesses, and our people.

We would like to hear from you if you have any topics, issues or questions to navigate turbulent times in order to support you further: 

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