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Government announces greater flexibility and extension of CEBA

The Deputy Prime Minister and Minister of Finance, Chrystia Freeland, announced that the application deadline for the Canada Emergency Business Account (CEBA) is extended from August 31 to October 31, 2020.

The government states it is working closely with financial institutions to make the CEBA program available to those with qualifying payroll or non-deferrable expenses that have so far been unable to apply due to not operating from a business banking account.

In mid-July, The Western Producer reported that the federal government had no clear numbers on how many farm operators have been able to benefit from CEBA. Not operating from a business banking account remained a barrier for many to be able to access CEBA.

Further details on these changes will be released in coming days, according to the Government of Canada’s release, including a new business account opening process through which qualifying businesses will be able to apply.

The Deputy Prime Minister is also announcing that the Business Credit Availability Program (BCAP) is extended to June 2021. Through BCAP, the government is supporting the flow of additional credit that businesses need to maintain operations and keep employees on the payroll. Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) will continue to work with lenders to support access to capital for Canadian businesses of all sizes in all sectors and regions.