We hope that everyone is doing well and staying safe.
If your business has not already applied for the CEBA program, you can still do so. This is the program where your bank will lend up to $40,000 to be used to pay non-deferrable business expenses. If the loan is repaid before December 31, 2022, 25% of the loan amount will be forgiven.
Several smaller businesses, including sole proprietors and partnerships with no employees, had been excluded from this program because the eligibility requirements included the requirement for the business to have paid payroll between $20,000 and $1,500,000 in the 2019 calendar year.
On June 15, changes to the program were announced to allow businesses with payroll less than $20,000 to apply. The requirements for such businesses are that they have:
- A business operating account at a participating financial institution
- A Canada Revenue Agency business number
- A 2018 or 2019 tax return; and
- Eligible non-deferrable expenses between $40,000 and $1.5 million
If your business meets these requirements, you should consider applying for this loan. The application must be made through your primary financial institution.
If you have any questions or need assistance with any of the items noted above, please contact us at Lott & Company either by phone or email and we will be happy to assist you.
Lott & Company
