Increased Access to the Canada Emergency Business Account

FOR IMMEDIATE RELEASE                                                                              

OTTAWA: Gerald Soroka, Member of Parliament for Yellowhead, is pleased to inform constituents that as of June 19 the government will be accepting applications so that more small businesses can access the Canada Emergency Business Account.

This includes owner-operated small businesses that had been ineligible for the program due to their lack of payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll, will become eligible this week.

To qualify under the new eligibility rules, applicants with a payroll lower than $20,000 will need:

  • A business operating account at a participating financial institution;
  • A Canada Revenue Agency business number;
  • A 2018 or 2019 tax return; and
  • Eligible non-deferrable expenses of between $40,000 and $1.5 million.

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