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CEBA/RRRF Program Repayment Deadlines Have Changed

The CEBA/RRRF loan forgiveness repayment deadline has been extended to December 31, 2023.

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How much funding are applicants eligible to receive from Two Rivers?
Loans of up to $50,000 are available.
How much funding are applicants eligible to receive from Two Rivers?
Loans of up to $50,000 are available.
May I convert my existing CFDC loan for a RRRF loan?
No, existing loans cannot be converted to a Covid-19 Emergency Loan. Existing loan clients may apply to RRRF if they have been adversely affected by COVID-19.
Can I apply if I am already receiving Government of Canada funding?
Yes you may apply for both; if eligible expenses exceed the maximum CEBA Loan, additional documentation may be required to identify specific expenses covered and the non-repayable portion will be reduced.
Will these loans require security?
No, Covid-19 emergency loans require a simple loan agreement and promissory note.
What am I allowed to use the funds for?
We will allow the funds to be used for legitimate business expenses, these include the following:
  • Rent or lease payments – only in cases where the landlord has not received support through the Canadian Emergency Commercial Rent Assistance
  • Insurance
  • Regular Loan payments on any business debt
  • Interest on business loans
  • Wages to arms-length employees
  • Supplies
  • Inventory
  • Small tools
  • Wages or draw to the owner or spouse (limited to $2,000 per month)
  • Advertising & promotion
  • Fuel & oil
  • Current source deductions to CRA

I am the owner of the business and pay myself as a proprietor draw, wage or a shareholder dividend. Can I use the funds for this purpose?
Yes, however we will limit the amount you can pay yourself or your spouse (non-arms-length) to $2,000 per month, combined per household. As well if you are also claiming the $2,000 Canada Emergency Response Benefit (CERB) your draws will not be an eligible expense.
What can’t I use the funds for?

You will not be allowed to use the funds to pay:

  • Additional lump sum payments on existing business debt
  • Prepayment/refinancing of existing debt
  • Increases in management compensation, dividends or distributions beyond the amount allowed above.
In order to ensure I receive the Two Rivers Covid 19 Emergency Loan, what documents must I submit?

In addition to the completed application, be prepared to provide:

  • Certificate of Incorporation with confirmation of share structure (if corporation)
  • Projected Cash flow
  • If available: copy of 2019 financial statements
  • Copy of your current Status Card
  • Copy of a cheque or banking information of your business bank account
  • We may request additional financial information to confirm your eligibility
  • Declaration identifying any other Covid-19 government support received.

What period of time must the full funds be advanced
You will have until Dec. 31, 2020 to draw down the full loan proceeds.
When do I have to complete the eligible expenditures in order to receive the support?
We will consider eligible expenses up to and including March 31, 2021.
When will decisions on applications be made and announced?
Applications will be assessed as they are received. Two River's will respond as quickly as possible and communicate directly with the applicant once a decision has been made. We will strive to make a decision within 3 business days from receipt of all required documents.
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