Canada Emergency Business Account further expanded

Via Motor Coach Canada: Finance Minister Bill Morneau announced that as of Friday, June 19, 2020, more businesses can access the $40,000 CEBA loan. Qualifier requirements have been further extended and CEBA will now be accessible to owner-operated small businesses with a lack of payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll.

To qualify under the expanded eligibility rules, CEBA applicants with payroll lower than $20,000 will need:

• A business operating account at a participating financial institution;

• A Canada Revenue Agency business number;

• A 2018 or 2019 tax return; and

• Eligible non-deferrable expenses of between $40,000 and $1.5 million.

Eligible businesses will qualify for financing of up to $40,000, with 25 per cent of this being forgivable based on the current terms of CEBA loans. Applications can be submitted through your financial institution.

For details on the expanded CEBA, visit https://ceba-cuec.ca/.