OFA submitted a letter to the Federal Minister of Finance, Bill Morneau regarding the Canadian Emergency Business Account (CEBA). OFA thanked the federal government for decisive actions taken to provide financial relief to millions of Canadian families and businesses in response to the COVID-19 crisis.
One of the central emergency programs recently introduced is the Canadian Emergency Business Account. These interest-free loans can act as a lifeline to many farm businesses struggling during the COVID-19 crisis. However, two of the eligibility requirements under the program are making it impossible for many farm businesses who are in desperate need of liquidity, to access these funds.
1. The requirement for $20,000 -$1,500,000 in company payroll.
2. The requirement for applicants to have a business bank account set up with the financial institution they are applying through.