Bay of Quinte Neil Ellis provided an update on federal support measures for businesses affected by the COVID-19 pandemic.
The Government of Canada has extended and expanded the Canada Emergency Business Account (CEBA) to include owner-operated businesses which 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.
MP Ellis said they heard from businesses that did not meet the criteria of the programs currently in place and today’s announcement is a crucial step in helping further support small and medium sized businesses as they deal with ongoing changes due to COVID-19.
The launch period for application under the new criteria will be announced at a later date.
To qualify for the CEBA under the expanded eligibility criteria, applicants with payrolls lower than $20,000 will 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 dollars. This can include costs such as rent, property taxes, utilities, and insurance.
