The Federal Ag Minister made an announcement on Tuesday that should help farmers and ranchers through the COVID-19 pandemic.
Marie Claude Bibeau says farmers can now directly benefit from changes to the Canada Emergency Business account. The minister says the government changed the eligibility to ensure farmers without payroll can now access the 40 thousand dollar interest free loan available under CEBA and up to 10 thousand of that will be forgiven if the rest is repaid by the end of 2022.
To qualify for the changes you must have a business account at a participating financial institution. As well, a Canada Revenue Agency business number and have to have filed a 2018 or 2019 tax return. Finally, you must have between $40,000 and $1.5 million in non-deferrable expenses. Some examples of expenses would be rent, utilities, property taxes, and insurance.
Jeff Nielsen with the grain growers of Canada called it a good step in the right direction for farmers and all Canadian small businesses.Click here to see more...