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May 23

Canada Emergency Business Account (CEBA) expanded loan criteria could increase farmers’ eligibility

Posted on May 23 By: Erin Tateson
  • On May 19 the federal government announced that the CEBA $40,000 interest-free loan will now also be available to businesses with eligible non-deferrable expenses between $40, 000 and $1.5 million.
  • The changes were largely driven by the fact that many farmers did not qualify under the program criteria which stipulates a minimum 2019 payroll of $20,000.
  • The loan, part of the governments COVID-19 relief measures, allows for $10,000 of the loan to be forgiven if the remaining principal is repaid by the end of 2022.

Resources: Find out if you qualify for the Canada Emergency Business Account (CEBA) 

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