EXPANDED ELIGIBILITY CRITERIA FOR CANADA EMERGENCY BUSINESS ACCOUNT
Today, the federal government announced an expansion to the eligibility criteria for the Canada Emergency Business Account (CEBA) to include many owner-operated small businesses.
The CEBA will now be available to a greater number of businesses that are sole proprietors receiving income directly from their businesses, businesses that rely on contractors, and family-owned corporations that pay employees through dividends rather than payroll.
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.
