The Canadian Emergency Business Account (CEBA) is a $55 billion program that provides interest-free loans of up to $40,000 to small businesses and not-for-profits to help manage business expenses during the pandemic.
Until today, the CEBA had only been available to businesses utilizing a business account through their financial institution.
Many REALTORS® support their business through personal accounts, which made them ineligible for the CEBA.
OREA CEO Tim Hudak recognized this problem back in May when he wrote a letter to then-Minister of Finance, the Hon. Bill Morneau, asking that he change the program to allow those using a personal bank account to qualify.
OREA is happy to report that our message has been heard!
Today, the Government of Canada announced that they are working expeditiously with Financial Institutions on changes to the CEBA program that will allow businesses using personal bank accounts to qualify, meaning more REALTORS® will be able to access this program.
This is a huge win for Ontario REALTORS® and REALTORS® right across Canada! And a testament to the strength of the REALTOR® voice.
Additional details on the program and how you can apply will be provided as they become available.