Board Welcomes Changes to Federal Program to Support Owner-Operator Small Businesses
ST. JOHN’S, MAY 20, 2020 - The St. John’s Board of Trade welcomes changes to the Canada Emergency Business Account eligibility criteria to include many owner-operated small businesses.
“Government is continuing to listen to the concerns of business owners,” said Andrew Wadden, Chair of the St. John’s Board of Trade. “We are glad to see an agile approach to relief programs. We are hoping for a similar approach to commercial rent relief and look forward to updates in that regard.”
The program will now be available to a greater number of businesses that are sole proprietors receiving income directly from their businesses, businesses that rely on contractors, and family-owned corporations that pay employees through dividends rather than payroll.
To qualify under the expanded eligibility criteria, applicants with payroll lower than $20,000 would need:
- a business operating account at a participating financial institution.
- a Canada Revenue Agency business number, and to have filed a 2018 or 2019 tax return.
- eligible non-deferrable expenses between $40,000 and $1.5 million. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance.
Accredited nationally with distinction, the St. John’s Board of Trade is a non-partisan, business advocacy organization. The principal voice of business for members in the St. John’s area. Its mission is to improve the local business climate, enhancing members’ ability to do business through advocacy and member services. stjohnsbot.ca