Further to today’s announcement from the Federal Government, the CEBA loans program will now include:
Entities with payroll less than $20,000 in 2019 would need the following to qualify under the expanded rules:
The government is working on solutions to the CEBA to be able to include new businesses, that have yet to file a tax return and businesses that operate through “personal” bank accounts as opposed to “business” bank accounts.
If you would like more information on this topic, please contact a member of the Empire CPA team by filling out the contact form below.
Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.
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