PHASE THREE CEBA CHANGES HAVE ARRIVED
Long-anticipated phase three changes to the Canada Emergency Business Account were finally made last Friday. The changes aim to make CEBA accessible to businesses with a payroll lower than $20,000 that have non-deferrable expenses (actual and forecasted) between $40,000 and $1.5 million for the year 2020. These include:
- sole proprietors
- businesses that rely on contractors
- businesses that pay in dividends
Eligible businesses will qualify for financing of up to $40,000, with 25 per cent of this being forgivable based on the current terms of CEBA loans. Businesses can contact their primary financial institution for more information or to apply directly for CEBA. More information on the expanded CEBA can be found on the program’s website.