Farm tractor in a field -- LNN

By Dori Modney

Farmers to benefit from changes to Canada Emergency Business Account

May 20, 2020 | 3:33 PM

OTTAWA, ON. — Tuesday’s announcement of expansion of the eligibility to the Canada Emergency Business Account is a big deal for farmers across the country.

Agriculture Minister Marie-Claude Bibeau, has stated the government listened to farmer concerns.

With that, changes have been to the eligibility, to ensure farmers without payroll can now access the $40,000 interest-free loan available under CEBA – up to $10,000 of which is forgiven if the rest is repaid by December 31, 2022.

Bibeau indicated that In dealing with the impacts of COVID-19, the Government has consistently said that we are prioritizing speed, and we continue to fill the gaps.”

For farmers who are still unable to access CEBA, they can turn towards the Regional Relief and Recovery Fund.

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Farmers are assured the government is continuing to roll-out supports for the agriculture sector.

To qualify under the expanded eligibility criteria, applicants with payroll lower than $20,000 would need to meet several requirements.

— 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.

Information on the Regional Relief and Recovery Fund (RRRF):

Tuesday’s announcement builds on our recent measures announced in support of the Agriculture Sector, including:

— $3 billion wage top-ups for essential workers delivered through provinces and territories

— $200 million additional credit for Canadian Dairy Commission to buy surplus butter and cheese

— $125M through Agri-Recovery to manage backlog of cattle and hogs, and other COVID cost

— $50 million for first-of-its-kind surplus food purchase program

— $77.5 million to help reopen or upgrade processing facilities and improve worker safety.

— $20 million to ensure capacity and safety of Canadian Food Inspection Agency inspectors

— $50 million to help farmers safely welcome seasonal and temporary foreign workers

— $5 billion in added capacity to Farm Credit Canada

— $173 million in deferred Advance Payment Program loans for cattle, grain and flower producers

— $100 million Agriculture & Food Business Solutions Fund to offer financial support to businesses

— $100 million for food banks and local food organizations to help food security.

— Authorizing 75% wage subsidy for businesses suffering significant revenue declines

— Launched the Step up to the plate employment portal and marketing campaign

— Working with provinces to the increase of Agri-Stability interim payments to 75%

— Working with provinces to treat labour shortages in the horticulture sector as an eligible risk under AgriInsurance

— Expanded Canada Summer Jobs program to prioritize workers in food supply chain