Canada Emergency Business Account (CEBA) loans program will be expanded for those:
who are sole owner-operators;
that depend on contractors; and
that are family businesses that pay employees by dividends rather than payroll.
As well, CEBA will be modified to become available to new businesses (those which have never filed a tax return) and businesses which do not have “business accounts” at the bank, but operate through personal accounts.
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; and
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.