Expanded Criteria For CEBA Includes Sole Proprietors And More

The Government of Canada recently announced expanded criteria to its Canada Emergency Business Account (CEBA) program to include owner-operated small businesses, sole proprietors, 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.

Expenses will be subject to verification and audit by the Government of Canada. Funding will be delivered in partnership with financial institutions. More details, including the launch date for applications under the new criteria, will follow in the days to come. Stay up to date here.