Expansion of emergency business account a big deal: Bibeau
May 20, 2020, Ottawa, Ont. – Agriculture and Agri-Food Minister Marie-Claude Bibeau says farmers will directly benefit from changes announced to the Canada Emergency Business Account (CEBA).
In a statement, she said an expansion of the eligibility to the CEBA is a “big deal” for farmers across the country.
“We heard from many farmers that the Canada Emergency Business Account did not work for them, because many did not meet the payroll criteria. 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.”
Bibeau stated that, in dealing with the impacts of COVID-19, the federal government has consistently said that it is prioritizing speed, and continues to fill the gaps.
She noted that for those farmers who are still unable to access CEBA, they can turn towards the Regional Relief and Recovery Fund.
“Farmers can be assured that we have their back, and we are continuing to roll out supports for our agriculture sector.”
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.