Ottawa, Ontario – Agriculture and Agri-Food Canada
“Today, our Government announced that businesses that have been operating out of a non-business banking account can now access the Canada Emergency Business Account (CEBA) by opening a business account.
This has been an important ask from farmers and will help ensure the financial strength of the thousands of small agricultural businesses across the country.
This follows the October 9th announcement of our intent to introduce major expansions to CEBA to increase the limit to $60,000 and double the non-repayable forgivable portion to $20,000. Those expanded amounts will be available soon.
Not counting the number of farmers who are now eligible because of the change announced today, over 85,000 farm businesses will have access to the interest-free loans of CEBA, which equates to up to $5.1 billion – one-third of which is forgivable.
That means there is the potential of providing up to $1.7 billion directly to farmers through the forgivable portion of their interest-free loans.
We strongly encourage farmers and food businesses who have been impacted by the COVID-19 pandemic to take advantage of the generous terms offered by the CEBA loans.
Throughout the pandemic, our Government has heard the concerns of farmers and continues to deliver critical financial support, because we know they are working-hard to put food on the kitchen tables of Canadians from coast-to-coast-to-coast.”
Source : AAFC