CJA updates - CEBA and US border

19 May 2020 2:58 PM | Anonymous

The Federal Government has expanded the Canadian Emergency Business Account's(CEBA) criteria.

From the link https://pm.gc.ca/en/news/news-releases/2020/05/19/prime-minister-announces-expansion-support-workers-and-small 

"The changes to the CEBA will allow more Canadian small businesses to access interest free loans that will help cover operating costs during a period when revenues have been reduced, due to the pandemic.

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.

Expenses will be subject to verification and audit by the Government of Canada. Funding will be delivered in partnership with financial institutions. More details, including the launch date for applications under the new criteria, will follow in the days to come. To date, over 600,000 small businesses have accessed the CEBA, and the government will work on potential solutions to help business owners and entrepreneurs who operate through their personal bank account, as opposed to a business account, or have yet to file a tax return, such as newly created businesses."

Also, Canadian/US border will remain closed to non-essential travel until June 21st.


ABOUT CJA

Since 1918, we have provided a single source for information on this vibrant and diverse industry to consumers, government, media and businesses. 

The CJA is the national trade association for the Canadian jewellery industry, comprised  of retailers, suppliers, appraisers, designers and providers of goods and services.


CONTACTS

Canadian Jewellers Association
27 Queen St. East, Suite 600 
Toronto, Ontario Canada M5C 2M6

Phone: 416-368-7616
Fax: 416-368-1986 

Toll free: 1-800-580-0942 

Email: info@canadianjewellers.com 



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