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Expanding Supports for Workers and Small Businesses
Dear Neighbour,
I wanted to give you a quick update on the expansion of support for workers and small businesses, announced by our Prime Minister yesterday morning.
Canada Emergency Business Account (CEBA) Expanded Eligibility
The expansion of the eligibility criteria for the Canada Emergency Business Account now includes many owner-operated small businesses in order to help them protect jobs. Our government is continuing to modify its supports in order to ensure Canadians have the resources and support they need during this challenging time.
CEBA now enables small businesses to obtain interest free loans to assist with operating costs amidst reduced revenues as a result of the COVID-19 pandemic.
The program now includes more businesses that are:
- Sole proprietors receiving income directly from their businesses
- Businesses who rely on contractors
- Family-owned corporations that pay employees through dividends rather than payroll
Under the expanded eligibility criteria, businesses with payroll lower than $20,000 must have:
- 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
- Eligible non-deferrable expenses (rent, property taxes, utilities or insurance, etc.) between $40,000 and $1.5 million.
I will continue to update you with more information with regard to these changes as it becomes available!
The Large Employer Emergency Financing Facility (LEEFF) program is now open for applications
As of May 20, Canada’s largest employers whose increased needs due to COVID-19 are not fulfilled with conventional financing, can now apply for the Large Employer Emergency Financing Facility program.
Applying for the Large Employer Emergency Financing Facility (LEEFF)
- The LEEFF will be delivered by a subsidiary of the Canada Development Investment Corporation (CDEV), in collaboration with Innovation, Science and Economic Development Canada (ISED) and the Department of Finance.
- For more information on the application process, visit the CDEV website
We are also focused on ensuring that everyone has the most up-to-date information and that it is accessible. For daily updates, follow me on Facebook, Instagram and Twitter, or visit my website.
Yours sincerely,
Ron McKinnon
Member of Parliament for Coquitlam - Port Coquitlam