As of today, REALTORS® who have been operating their businesses through a personal bank account with their financial institution will be eligible to apply for the Canada Emergency Business Account (CEBA).
Please note the NEW eligibility requirements for CEBA below.
To be eligible, businesses must:
- Have been operating as a business as of March 1, 2020;
- Open a business account at a Canadian financial institution that is participating in CEBA before you apply for the program (contact your financial institution for assistance); and,
- Meet the other existing CEBA eligibility criteria.
The deadline to apply for CEBA is December 31, 2020.
CEBA is a Federal government program that provides interest-free loans of up to $40,000 to small businesses and not-for-profits to help manage business expenses during COVID-19. Repaying the balance of the loan on or before December 31, 2022, will result in loan forgiveness of 25 per cent (up to $10,000).
The change to CEBA’s eligibility criteria is a huge win for Ontario REALTORS®!
For those interested in applying for CEBA, you must contact your financial institution. You may also wish to complete the Government of Canada’s Pre-Screening Tool for CEBA to help determine your eligibility.
OREA has also developed a CEBA resource for Members, which can be found here.
Ensuring that all of our Members can access CEBA has been a priority for OREA. Our Association recognized this problem when the program was first implemented and wrote a letter to then-Minister of Finance, the Hon. Bill Morneau, asking that the program be changed to allow those using a personal bank account to qualify.
Then in September, with a second wave of COVID-19 fast approaching, OREA wrote again to the Federal government urging Deputy Prime Minister and Minister of Finance, the Hon. Chrystia Freeland, to allow more REALTORS® to qualify.
We are pleased to see the Federal government take action on this important issue. CEBA will bring some much-needed relief for REALTORS® during this difficult period.
Mike Stahls, Chair
Government Relations Committee