Earlier this week, the federal government announced an expansion of CEBA eligibility to include businesses that have been operating without a business banking account. To qualify for the program under the new requirements, businesses must open a business account from an accredited Canadian financial institution and complete and submit their CEBA application prior to December 31, 2020. Farms currently without a business account should strive to open one from an accredited financial institution as soon as possible. The expanded eligibility under this program is a positive change that BFO has been strongly advocating for since the program was launched this spring.
On October 9, 2020, the federal government expanded the maximum loan amount under CEBA to $60,000, with $20,000 of that loan being non-repayable if the $40,000 is paid back by December 31, 2022. Businesses that have already accessed the initial loan offering of $40,000 will be eligible to access the additional $20,000. The increase in available funds is expected to come into effect within the next couple of weeks. In addition, the government once again extended the CEBA application window from October 31, 2020, to December 31, 2020.
For further information, contact your financial institution or visit the CEBA website at https://ceba-cuec.ca.
