CEBA Loan Forgiveness Repayment Deadline Extended
CEBA Loan Forgiveness Repayment Deadline Extended January 13, 2022 On January 12, 2022, the government of Canada announced that the repayment deadline for the Canada
Federal Government Minister of Small Business, Export Promotion and International Trade, Mary Ng, announced on October 20, that the Government of Canada will be investing $12 million in the Canada United Small Business Relief Fund (CUSBRF).
What is the CUSBRF?
The CEWS extension will continue up to June 30, 2021 and includes the following details:
The CUSBRF forms part of a national #CanadaUnited campaign which promotes the support of Canadian small businesses by shopping local. Managed by the Ontario Chamber of Commerce, the CUSBRF provides qualifying companies, across all industry sectors, with up to $5000 in grant relief. These grants are intended to assist small business owners cover costs associated with the procurement of personal protective equipment (PPE), physically modifying their place of business to meet local health and safety requirements, as well as improve their website or develop e-commerce capabilities.
Who qualifies for the CUSBRF?
The CUSBRF is available to any small to medium sized organization in Canada, with sales between $150,000 and $3,000,000, who meet specific eligibility criteria. Both For-Profit and Not-For-Profit organizations are eligible to apply. Government organizations, municipalities, charities and the chamber of commerce network are not eligible. Businesses owned by Indigenous People, women, visible minorities, LGBTQ2+, and persons with disabilities will be given priority consideration during the application process.
What expenses are eligible under the CUSBRF?
The program outlines three categories of purchases that are eligible for reimbursement under the program. Some examples include:
How do I apply for the CUSBRF?
You can apply for the CUSBRF beginning on Monday, October 26, when the application window opens. Applications can be submitted online by clicking on the link related to the province where your business is located. Moreover, you can access the application by clicking on the application link located on your participating local of Provincial Chamber of Commerce’s site.
To access the full application guidelines for the CUSBRF, please click here.
To access the pre-application check-list, please click here.
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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