English
i am here
stdClass Object
(
    [term_id] => 481
    [name] => Coronavirus COVID-19
    [slug] => corona-virus-covid-19
    [term_group] => 0
    [term_order] => 1
    [term_taxonomy_id] => 481
    [taxonomy] => topics
    [description] => 
    [parent] => 0
    [count] => 0
    [filter] => raw
)
{"ontario":"74682","alberta":"75245","british-columbia":"75245","manitoba":"75245","new-brunswick":"75245","nl":"75245","nwt":"75245","nova-scotia":"75245","nunavut":"75245","pei":"75245","quebec":"75245","saskatchewan":"75245","yukon":"75245"}

Empire Life Ins. Top ONEmpire Life Ins. Top ON

Canada Emergency Business Account (CEBA)

Region: Ontario Answer # 7251

To ensure that small businesses have access to the capital they need to see them through the current economic challenges due to COVID-19, the Federal Government has implemented the Canada Emergency Business Account.

How much is the loan?

This program provides interest-free loans of up-to $40,000.

Who qualifies?

The program offers interest-free loans to:

  • small businesses including those that do not have a payroll,
  • sole proprietors receiving income directly,
  • family-owned corporations receiving dividends rather than payroll, and
  • not-for-profit organizations.

To qualify, a borrower must:

  • be a Canadian operating business in operation as of March 1, 2020.
  • have a federal tax registration.
  • have employment income paid in the 2019 calendar year, between $20,000 to $1,500,000 (in Canadian dollars). For borrowers with $20,000 or less in total employment income paid in 2019, different requirements apply:
    • the Borrower has a Canada Revenue Agency business number and has filed a 2018 or 2019 tax return
    • the Borrower has eligible non-deferrable expenses between Cdn.$40,000 and Cdn.$1,500,000. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance. Expenses will be subject to verification and audit by the Government of Canada
  • have an active business chequing/operating account with the Lender, which is its primary financial institution. This account must have been opened on or prior to March 1, 2020 and was not in arrears on existing borrowing facilities, if applicable, with the Lender by 90 days or more as at March 1, 2020.
  • have not previously used the CEBA, and will not apply for support under the Program at any other financial institution.
  • acknowledge its intention to continue to operate its business or to resume operations, and
  • agree to participate in post-funding surveys conducted by the Government of Canada or any of its agents.

If loan is repaid by December 31, 2022

If a business repays the balance of the loan – on or before December 31, 2022 – 25% of the loan amount (up-to $10,000) will be forgiven, which means it will not have to be repaid.

How to apply

Small businesses and not-for-profits should contact their financial institution to apply for these loans.

For more detailed and up-to-date information on CEBA, visit Canada.ca.

For up-to-date information on Coronavirus COVID-19, visit Health Canada, the World Health Organization, and our related links and resources.

Get help from a life insurance advisor

Understanding life insurance and what is best for you can be overwhelming. It is important to get professional advice for your unique situation, and it is more affordable than you think. Life insurance can protect your family, your home and your business.  For a free consultation and quote, contact an Empire Life Insurance advisor.


Empire Life Ins Bottom ONEmpire Life Ins Bottom ON



								

You now have 3 options:

Was your question answered?


Yes    No


What information would you like to see added?


Submit an Edit Request










What are your changes?*

Page loaded. Thank you