Do You Have a Plan B for CEBA?

Do You Have a Plan B for CEBA?
By Nick Corneil

By Nick Corneil

Corneil Consulting

With CEBA loans set to convert with interest by the end of the year, there is a full court press happening to lobby the government to extend the deadline or alter the repayment terms. Trade associations and other groups representing small businesses, along with lower levels of government are pushing the federal government for this, but as of yet, there has not been a change announced. With an election coming in the next couple of years, and the need to reign in the budget in response to inflationary pressures, there is a good chance the program will not be extended. However, we’ve found a solution that could provide the funds you need to repay CEBA, at no cost to you.


According to a recent Fitness Industry Council of Canada State of the Industry survey, 65% of gym owners will not be able to pay off their CEBA loans before the end of the year. If the program is not extended, do you have a ‘plan B’ to take advantage of the early repayment forgiveness, and prevent your debt from converting into a 5% interest-bearing loan? Even if the program is extended, could you use government funding to help pay it down and grow your business?


This is where the Canadian Digital Adoption Program (CDAP) could help. The program provides small businesses with access to funding to get online and use technology to improve sales and reduce costs. The program gets you:


  • Access to $50,000 or $100,000 loan at 0% interest from Business Development Bank of Canada (BDC) (dependent on revenues)
  • A comprehensive, personalized Digital Adoption Plan prepared by a trained fitness digital specialist to address the needs of your business
  • Access to a $7,300 wage subsidy to hire a skilled youth to implement an aspect of your choice from the plan


The 0% interest loan is based on meeting revenue thresholds in any of the last couple of years and includes no repayment in the first year, followed by 5 years of no interest repayments, for a total of 6 years of interest-free. You can repay some, or all of the loan back at any time with no penalty.


Many small businesses are using this program to get ahead of CEBA. They are receiving a digital plan from an advisor to help solve ongoing challenges to their business or adopt new technology to help grow it. These include driving new revenues from online marketing, opening new online channels, or launching new digitally enhanced services online or in their gyms. It can also include using technology to drive cost savings and create operational efficiencies by implementing new software or technical processes in the business.


While these programs are open to any business that qualifies, working with an expert who has intimate knowledge of these programs can help ensure successful applications, while decreasing the time it takes to apply and receive funds.

To learn more , join us live on Thursday, September 14th at 2:00 pm for an exclusive webinar with Funding Expert Ronen Benin from 021 Strategic, who will walk through the program and application process, and answer any questions that gym owners have.

Nick is a former athlete turned fitness executive and tech entrepreneur who operates at the intersection of fitness, health and technology. Corneil Consulting specializes in helping businesses drive growth through adopting digital solutions and implementing innovative methods. His mission is to make exercise a cornerstone of a preventative approach to healthcare. To set up a discovery call with Nick, click here.

Stay Connected!

Subscribe to FitBizWeekly’s FREE newsletter for news, commentary, idea sharing and developments across the Canadian health and fitness industry.

By clicking on the Subscribe button you agree to be on our newsletter list. You can opt out anytime. We respect your privacy. Your information will not be shared and your email address will be stored safely.