Canadian Credit Union Association

CEBA Update

On Monday August 31, the government announced greater flexibility and extension of CEBA. Businesses that have been banking with personal accounts will be able to access CEBA and the application deadline is being extended from August 31 to October 31, 2020.

Further details on these changes will be released in coming days, including a new business account opening process through which qualifying businesses will be able to apply.

To qualify for CEBA, applicants must continue to meet either the payroll eligibility criteria or they must demonstrate a minimum of $40,000 in eligible non-deferrable expenses. In addition to requiring a business account, applicants with payroll lower than $20,000 will still need to show that they meet the following CEBA eligibility requirements: 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, after taking into consideration other federal COVID-related supports. 

The government also announced that the Business Credit Availability Program (BCAP) is extended to June 2021. Further details will be shared when they are made available and the full announcement can be found here.