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

• 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)