Eligibility Criteria Expanded for Canada Emergency Business Account – CEBA
The Government of Canada has announced an expansion to the eligibility criteria for the Canada Emergency Business Account (CEBA) to include many owner-operated small businesses.
The changes to CEBA will allow more Canadian small businesses to access interest free loans of up to $40,000 to help cover operating costs during a period when revenues have been reduced, due to the pandemic.
The program will now be available to a greater number of businesses that are sole proprietors receiving income directly from their businesses, 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.
The government is also working on potential solutions to help business owners and entrepreneurs who operate through their personal bank account, as opposed to a business account, or have yet to file a tax return, such as newly created businesses.
More details, including the launch date for applications under the new criteria, will follow in the days to come.
Source: www.choosecornwall.ca
Shelley Ricketts
Cloud Accounting Manager
Shelley completed her NAIT Accelerated Accounting Certification in 2001 and is also a Certified Quickbooks ProAdvisor (QBO Advanced Certification and QB Desktop Certification).
Along with many years of public accounting experience, Shelley was a self-employed contractor providing bookkeeping services and software training for 20 years and gained invaluable experience and exposure to a wide range of industries. She knows what it means to be a business owner and to be passionate about what you do.
Shelley has been with KWB for a long time! Starting out as a contractor in January 2011, she took a leap of faith and joined the team full time in October 2018 as their newly appointed Cloud Accounting Manager. She wears a lot of hats in this role but her favourite space is finding and supporting cloud based solutions for business owners that make their lives easier!
Shelley has two wonderful, witty sons who take pleasure in the fact they get to call her ‘shorty’. She also has the cutest little Frenchie named “Mango” who excels at being a couch potato as well as providing endless entertainment in the midst of Zoom meetings.
Outside of work, Shelley loves to spend time camping, hiking and just getting out into nature. She also is passionate about horses (she owns 3!) and enjoys trail riding and getting out into the mountains when she can.
Shelley's Contact Information
- » Phone: 780 466 6204 x 828
- » Email: sricketts@kwbllp.com
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