The federal government has expanded the Canada Emergency Business Account (CEBA) in such a way that small businesses are eligible for funding support.
“Today’s announced expansion of the eligibility to the Canada Emergency Business Account is a big deal for farmers across the country,” said ag minister Hon. Marie-Claude Bibeau.
“We listened to their concerns, and changed the eligibility to ensure farmers without payroll can now access the $40,000 interest-free loan available under CEBA – up to $10,000 of which is forgiven if the rest is repaid by December 31, 2022.
For those farmers who are still unable to access CEBA, they can turn towards the Regional Relief and Recovery Fund.
To qualify under the expanded eligibility criteria, applicants with payroll lower than $20,000 would need:
- a business operating account at a participating financial institution
- a Canada Revenue Agency business number, and to have filed a 2018 or 2019 tax return.
- eligible non-deferrable expenses between $40,000 and $1.5 million. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance.
Link for information on the Regional Relief and Recovery Fund (RRRF):
Source: Agriculture and Agri-Food Canada May 19, 2020 statement