The Buzz

CPB Canada advocacy results in access to the CEBA for sole proprietors

CPB Canada is excited to share that we have successfully advocated for a key extension to the Canada Emergency Business Account (CEBA) which will allow sole proprietors operating through a personal banking account to access the program.

Last week, the Director of Policy to the Hon. Mary Ng, Minister of Small Business and International Trade, reached out directly to CPB Canada to share the news that a decision had been reached and that this announcement was forthcoming. CPB Canada had written to the Minister and engaged Members of Parliament on this issue, which was a key recommendation in CPB Canada’s pre-budget submission. The official announcement of this program expansion was just made October 26, 2020, and can be found here.

For those Canadian bookkeepers and their small business clients who are sole proprietors, this change to CEBA will allow these businesses to access interest free loans up to $60,000, with a portion of this financing being forgivable if repaid by December 31, 2022.

We are pleased to see the Government of Canada expanding access to sole proprietors with this important change.

More information about the Canada Emergency Business Account (CEBA) can be found here.