“If you are the sole owner-operator of a business, if your business relies on contractors, or if you have a family-owned business and you pay employees through dividends, you will now qualify.” – PM Justin Trudeau
The Prime Minister outlined the expanded eligibility for the Canada Emergency Business Account and highlighted companies such as hair salon owners, independent gym owners with contracted trainers and local physio businesses will now be eligible.
The eligible amounts are being expanded to include businesses with 2019 total payroll between $20,000 – $1.5 million.
How do I apply?
Prior to applying, please make sure you have this information readily available:
Canada Revenue Agency Business Number (BN 15 digits)
2019 T4 Summary of Remuneration Paid (T4SUM)
Apply online at the financial institution your business banks with:
“The funds from this loan shall only be used by the Borrower to pay non-deferrable operating expenses of the Borrower including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service, and may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation.”
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Jarrod Merkel is a Certified Financial Planner® who has been working in the financial services industry since 1996. With over 20 years of experience, Jarrod has attended and ran education events including the annual Independent Financial Brokers' summit, insurance company events and has trained many financial advisors.
Jarrod's experience is unique, his experience spans across the financial services industry, from working with the insurance companies to managing general agencies and teaching financial advisors, he is able to come up with effective solutions that help clients achieve their financial goals.