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.
Cloud Accounting Manager
Shelley joined KWB in January 2011 as a part-time accounting technician subcontractor. Prior to joining KWB, she worked in a similar role with a smaller accounting firm for over twelve years but was looking for a change and KWB delivered the work environment and flexibility that she was looking for.
Along with many years of public accounting experience, Shelley brings an extensive bookkeeping background to KWB and is a Certified QuickBooks ProAdvisor (QBO Advanced Certification, QB Desktop Certification and NAIT Accelerated Accounting Certification), as well as being a Workflow Implementation Specialist (or as Shelley calls it, the Cloud Whisperer), In addition to working on corporate files, she also provides remote and on-site client training and assistance in both Quickbooks and Simply Accounting.
Shelley lives outside of Sherwood Park on an acreage with her husband and two boys, three horses and two dogs. Away from work and the acreage, she enjoys camping trips with the family and afternoon trail rides with friends.
Shelley is the Treasurer for the War Horse Awareness Foundation and has been since the Foundation began.
Shelley’s favourite quotation: “What you do today can improve all your tomorrows” – Ralph Marston.