CEBA – Canada Emergency Business Account – Update June 2020
It was announced today that the government will start accepting new applications under the expanded eligibility guidelines for the Canada Emergency Business Account (CEBA) starting on Friday (19 June 2020). The government has expanded program eligibility to include sole proprietors and farmers.
Businesses with total employment expenses in 2019 of $20,000 or less and 2020 Eligible Non-Deferrable Expenses greater than $40,000 and less than $1,500,000 are eligible to apply under the Non-Deferrable Expense Stream using the following two-step process:
Step 1: Businesses will initially apply directly through their primary financial institution. The financial institution will then direct the applicant to Step 2 of the application process.
Step 2: Business applicants will be directed to a new CEBA website by their primary financial institution to upload supporting documentation of their 2020 Eligible Non-Deferrable Expenses and complete the application.
The Government of Canada will assess the information provided in both steps and if successful will notify the financial institution and provide funding of the CEBA loan. Once you have applied at your financial institution, uploaded all necessary supporting documents, and deemed successful by the Government of Canada, businesses should receive funding within 10-15 business days.
Each financial institution is handling the CEBA funds differently. For some, the CEBA funds are deposited directly into their bank account, for others a separate CEBA loan account for clients to draw from and transfer to their operating bank account. We encourage all clients to read the terms and conditions of the loan provided by their bank as it will indicate how the funds will be provided to each business.
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Heather Bowie, CPA, CA
Heather completed her Bachelor of Commerce with an accounting major at the University of Alberta. She articled with a mid-sized national firm, during which time she received her CA designation.
Over the years, Heather has achieved a variety of work experience including as an online facilitator for the CA program, senior accountant in industry, and as a practice reviewer for CPA Alberta.
With KWB, Heather is a Manager and also leads the development of our advisory practice, Onsight Advisory.
Away from work, Heather and her husband own an HVAC company in Sherwood Park allowing her to understand business from both the client and the accountant perspective.
Heather has an amazing husband and two teen daughters who are growing way too fast for her liking. In her spare time, Heather enjoys attending her girls’ sporting events and dance performances, keeping active, and playing board games.