New resource from MAPAQ
COVID-19 has deprived certain businesses of income, causing some to have to absorb additional expenses, thus threatening their profitability.
The MAPAQ has posted a simplified directory of assistance measures organized into four main issue categories: cash flow, labour, marketing, and health measures.
New resource from MAPAQ
Expanded eligibility for CEBA
The federal government is expanding the eligibility criteria for the
Canada Emergency Business Account (CEBA) program, which provides loans of up to $40,000.
Small businesses operated by owners who were ineligible for the CEBA program because their payroll was too low, sole proprietorships whose owners draw income directly from their businesses, and family companies that pay workers through dividends rather than payroll will be eligible for the CEBA as of June 19.
To participate in the CEBA program under the expanded criteria, applicants with less than $20,000 in payroll will require the following:
- A business account with a participating financial institution
- A business number from Canada Revenue Agency
- Declared income for 2018 or 2019
- Eligible expenses totalling between $40,000 and $1.5 million, which cannot be carried forward
Details on the CEBA and expanded list of criteria