“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.”
Established in 1992, our boutique style company is based on the relationships we form with you-our clients. With your input, we can create your very own customized products. Insurance can be a very daunting task, that’s why we work on your behalf to find the best insurance plan and financial options. At DPB we believe that our success lies in meeting and anticipating our clients’ needs while providing financial security and peace of mind in knowing that no matter what happens, you and your loved ones will be taken care of.