Feds Widen Payroll Loan Requirements to Help Farmers2 months ago -
The Canadian government has expanded the eligibility for the Canada Emergency Business Account (CEBA), Marie-Claude Bibeau, federal minister of agriculture and agri-food, says in a news release on May 19.
“Farmers can be assured that we have their back, and we are continuing to roll-out supports for our agriculture sector,” Bibeau says in the release.
The eligibility now allows farmers without a payroll to access the $40,000 interest-free loan available under CEBA — up to $10,000 of which will be forgiven if the rest is repaid by Dec. 31, 2022.
“We heard from many farmers that the Canada Emergency Business Account did not work for them, because many did not meet the payroll criteria,” Bibeau notes in the release.
To qualify for CEBA with payrolls below $20,000, they must have an account at a participating financial institution, a Canada Revenue Agency business number and have filed a 2018 or 2019 tax return, and have eligible non-deferrable expenses of between $40,000 and $1.5 million, which can include costs such as rent, property taxes, utilities and insurance.
For those still unable to access CEBA, they can apply for the Regional Relief and Recovery Fund, the release says.