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May 19th, the federal government announced plans for a significant expansion of the Canadian Emergency Benefit Program (CEBA).   Read the press release here.

This is positive news for HRAI’s members as this interest-free loan program will now include small businesses that hire contractors.

Additionally, the program will now be available to a greater number of businesses that are sole proprietors receiving income directly from their businesses, businesses that rely on contractors, and family-owned corporations that pay employees through dividends rather than payroll.

To qualify under the expanded eligibility criteria, applicants with payroll lower than $20,000 would need:

  • a business operating account at a participating financial institution
  • a Canada Revenue Agency business number, and to have filed a 2018 or 2019 tax return.
  • eligible non-deferrable expenses between $40,000 and $1.5 million. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance.

For more information, read the press release here.