(OTTAWA) – May 19, 2020 – The Canadian Chamber of Commerce today issued the following statement regarding the federal government expanding the eligibility criteria for the Canada Emergency Business Account (CEBA):
“Today’s announcement addresses concerns raised by the Canadian Chamber that eligibility for CEBA should not discriminate against different business structures, such as entrepreneurs receiving income directly from their firms and businesses that rely on contract employees and pay staff through dividends.
Many more businesses with non-deferrable expenses between $40,000 and $1.5 million will now qualify for this program and that is very welcome news. These funds can help businesses struggling to cover non-deferrable expenses including rent, property taxes and utilities that did not stop even as businesses were ordered to shut down or significantly curtail their operations.
Unfortunately, firms must still have a business account with a financial institution to qualify for CEBA. Many small firms do not have a separate account for their businesses and will still not qualify. We hope the government will address this soon.”
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About the Canadian Chamber of Commerce – Because Business Matters
The Canadian Chamber of Commerce helps build the businesses that support our families, our communities and our country. We do this by influencing government policy, by providing essential business services and by connecting businesses to information they can use, to opportunities for growth and to a network of local chambers, businesses, decision-makers and peers from across the country, in every sector of the economy and at all levels of government, as well as internationally. We are unapologetic in our support for business and the vital role it plays in building and sustaining our great nation.
For more information, please contact:
Phil Taylor at [email protected].