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Canada Emergency Business Account: New Eligibility Guidelines

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Today, the Prime Minister announced the expansion of the Canada Emergency Business Account to businesses that paid between $20,000 and $1,500,000 in total payroll in 2019.

This new range will replace the previous one of between $50,000 and $1,000,000.

The Canada Emergency Business Account provides interest-free loans, of up to $40,000, to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.

If the business can repay the balance of the loan by the end of 2022, up to $10,000 will be forgiven.

Business owners can apply for support from the Canada Emergency Business Account through their banks and credit unions.

Read the full press release here

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