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Expanded eligibility for CEBA $40,000 interest-free loan

May 19, 20202020 Only, Blog, Business Owners, Coronavirus, Coronavirus - Practice OwnersAbility Private Wealth

“If you are the sole owner-operator of a business, if your business relies on contractors, or if you have a family-owned business and you pay employees through dividends, you will now qualify.” – PM Justin Trudeau

Eligibility

The Prime Minister outlined the expanded eligibility for the Canada Emergency Business Account and highlighted companies such as hair salon owners, independent gym owners with contracted trainers and local physio businesses will now be eligible.  

The eligible amounts are being expanded to include businesses with 2019 total payroll between $20,000 – $1.5 million.

How do I apply?

Prior to applying, please make sure you have this information readily available:

  • Canada Revenue Agency Business Number (BN 15 digits)

  • 2019 T4 Summary of Remuneration Paid (T4SUM)

Apply online at the financial institution your business banks with:

  • TD: https://www.forms.td.com/app/ceba/#/ceba/ceba-form

  • Scotiabank: https://www.scotiabank.com/ca/en/personal/scotia-support/latest-updates/business-banking/small-business/supporting-our-customers-is-our-top-priority.html

  • BMO: https://www.bmo.com/small-business/financial-relief-loc/#/login?PID=MBLBC&language=en

  • CIBC: https://www.cibc.com/en/business/advice-centre/covid-19/canada-emergency-business-account/now-available.html 

  • RBC:https://www.rbc.com/covid-19/business.html

  • National Bank: https://www.nbc.ca/forms/business/covid-emergency-account.html

  • HSBC: https://www.hsbc.ca/1/2//applications/business-apply

  • Canadian Western Bank: https://www.cwbank.com/en/news/2020/canada-emergency-business-account-now-available (via phone/email)

There are restrictions on the funds can be used. From their website https://ceba-cuec.ca/:

“The funds from this loan shall only be used by the Borrower to pay non-deferrable operating expenses of the Borrower including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service, and may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation.”

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Contact Us

Derrick Lee-Shanok

derrick@abilitypcg.com

margareth@abilitypcg.com

416-875-1836

1-877-940-7377

416-860-7550

1500 Don Mills Rd. Suite 400 Toronto, ON M3B 3K4



Recent Articles

  • Government proposes including siblings in definition of ‘qualifying family member’ for RDSPs
  • Federal Budget 2023 Highlights
  • Ontario 2023 Budget Highlights
  • British Columbia 2023 Budget Highlights
  • TFSA versus RRSP – What you need to know to make the most of them in 2023

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We believe in empowering our clients to participate in the creation and maintenance of their overall financial well being through proper education and ensuring an understanding of the possible outcomes involved in each decision.

Mutual funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

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