CEBA program ($40,000 loan) has been extended
As of June 26, 2020, businesses with less than $20,000 in payroll expenses are eligible for CEBA.
The program includes owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll.
Applicants will have to demonstrate having eligible non-deferrable expenses between $40,000 and $1,500,000 in 2020 after deducting Excluded Benefits received by the applicant.
The Eligible Non-Deferrable Expense categories are the following:
Wages and other employment expenses to independent (arm’s length) third parties;
Rent or lease payments for real estate used for business purposes;
Rent or lease payments for capital equipment used for business purposes;
Payments incurred for insurance related costs;
Payments incurred for property taxes;
Payments incurred for business purposes for telephone and utilities in the form of gas, oil, electricity, water and internet;
Payments for regularly scheduled debt service;
Payments incurred under agreements with independent contractors and fees required in order to maintain licenses, authorizations or permissions necessary to conduct business by the Borrower
Excluded Benefits are other Government of Canada COVID response programs include the following:
Canada Emergency Wage Subsidy,
10% Temporary Wage Subsidy,
Canada Emergency Commercial Rent Assistance,
Regional Relief and Recovery Fund,
Northern Business Relief Fund,
Fish Harvester Grant,
Relief measures for Indigenous businesses, and
$250 million COVID-19 IRAP (Industrial Research Assistance Program) Subsidy Program
Contact you financial institution to apply for the program.