Canada Emergency Business Account
On April 16th, the Prime Minister, Justin Trudeau, announced an expansion to the Canada Emergency Bank Account (CEBA).
Now businesses that had payroll in 2019, as evidenced by their T4 Summary remittance, of between $20,000 and $1,500,000, are eligible for the $40,000 loan program at 0% interest. This new range replaces the prior range of $50,000 to $1,000,000.
Since the launch of CEBA, more than 195,000 loans have been approved by financial institutions, which represents approximately $7.5 billion in credit made available to small and medium sized businesses.