Maximize Your CEBA Loan Forgiveness with Dunbridge Financial and Swoop
“We are very excited to be able to talk to our customer base about how we can once again add more to their bottom line”
Dunbridge Financial and Swoop have entered into a partnership that will aim to help small businesses across Canada maximize their CEBA Loan forgiveness. As one of Canada’s leading FX and Global Treasury brokers, Dunbridge Financial has a Canadian client portfolio that should benefit greatly from this product. Having already partnered to provide working capital and invoice factoring products, Dunbridge and Swoop are excited to expand their relationship by adding this new product for their shared client base.
“We are very excited to be able to talk to our customer base about how we can once again add more to their bottom line” said Alex Arnold, Co-Founder at Dunbridge Financial. “We are constantly looking for new ways to serve our customers in the North American market, and this offering through Swoop is something that will be an immediate benefit to them” said Arnold.
What is a CEBA Loan?
The Canadian Emergency Business Account (CEBA) offered interest free loans to Canadian small businesses during the dog days of Covid. You remember, when we were all baking bread, ordering Uber Eats and getting our parents acquainted with Zoom. The CEBA program was a major success in Canada, with over $50 Billion lent to over 900,000 applicants across the country. Qualified applicants were able to access $40,000 initially, with the ability to access an additional $20,000 once the program went into its expansion phase.
How Does CEBA Loan Forgiveness Work?
The CEBA Loan forgiveness program allows for up to $20,000 of your business loan to be forgiven, as long as certain criteria are met. These conditions include the loan being in good standing (i.e. not in default) and the outstanding principal (minus the potential debt forgiveness) being repaid by January 18, 2024, or by March 28, 2024 (plus any applicable interest) if an application for loan financing has been filed with the financial institution that provided the CEBA loan by January 18, 2024.
The forgivable portion is calculated as follows:
If you borrowed $40,000 you can receive loan forgiveness of 25%. That means you must repay at least 75% of the outstanding principal by January 18, 2024. in order to receive loan forgiveness.
For example:
If you borrowed between $40,000 and $60,000, you can receive loan forgiveness of 25% of the first $40,000 and 50% of the the next $20,000. For example:
