COVID-19 Update – Expansion of the Canada Emergency Business Account Eligibility

In his daily address this morning, Prime Minister Justin Trudeau announced an expansion of the Canada Emergency Business Account (“CEBA”) and introduced a planned emergency commercial rent assistance program.

Expansion of CEBA Eligibility

As covered in our March 27, 2020, and April 8, 2020, COVID-19 bulletins, the CEBA provides interest-free loans of up to $40,000 to small businesses and not-for-profits to help cover operating costs during periods of temporary revenue reduction. Business owners can apply for CEBA through their financial institutions.

Prime Minister Trudeau announced this morning that the eligibility thresholds for this loan would be expanded, allowing a broader range of businesses to access the loan. Businesses that spent between $20,000 and $1.5 million in total payroll in 2019 will now be eligible to access CEBA.

More information on CEBA eligibility can be found here: https://ceba-cuec.ca/.

Commercial Rent Assistance Program

The federal government has announced an intention to provide emergency commercial rent assistance for businesses, in conjunction with provincial and territorial governments.

Today’s COVID-19 bulletin discusses the expansion to the CEBA and the announcement of the Commercial Rent Assistance Program

To read the April 16, 2020, information bulletin, please see the link below:

COVID-19 Update – April 16, 2020

 

All our previous COVID-19 information bulletins can be found on Roper Greyell’s COVID-19 resource page.