Farmers will benefit from this week's announced expansion of eligibility to the Canada Emergency Business Account (CEBA).
The federal government changed the eligibility to ensure farmers without payroll can now access the $40,000 interest-free loan, up to $10,000 of which is forgiven if the rest is repaid by December 31, 2022.
“Today’s announced expansion of the eligibility to the Canada Emergency Business Account is a big deal for farmers across the country," said Agriculture and Agri-Food Minister Marie-Claude Bibeau. "We heard from many farmers that the Canada Emergency Business Account did not work for them, because many did not meet the payroll criteria."
For those farmers who are still unable to access CEBA, they can turn towards the Regional Relief and Recovery Fund.
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.Click here to see more...