Ruh Accounting Services
14-6965 Davand Drive Ontario Mississauga, ON, Canada

Canada Emergency Business Account A government guaranteed loan to a maximum of $40,000 to help eligible businesses with operating costs, with the following terms: The loan is interest free, and 25% (i.e., $10,000) of the loan is eligible for loan forgiveness if 75% (i.e., $30,000) has been fully repaid on or before December 31, 2022. It also has no principal repayments during this period; If the loan is not repaid by December 31, 2022, it can be converted into a 3-year term l...oan, and will be charged an interest rate of 5%, payable monthly. It will still not incur any principal payment requirements until December 31, 2025; and Guaranteed by the Government of Canada. Eligible Businesses In order to be eligible for the CEBA, a business must meet the following criteria: There are no conditions on the type or form of business, however, the business must have a CRA Business Number and be operational on or before March 1, 2020. The business must have an active business bank account with a financial institution on or before March 1, 2020, and must be in good standing with the financial institution. Businesses that operate using a personal bank account will not be eligible. 2019 payroll of $50,000 to $1,000,000 as reported in Box 14 of the business’ 2019 T4 Summary. One person with authority to bind the business must attest that the funds will be used for non-deferrable business expenses; Types of eligible expenses include: payroll, rent, utilities, property tax, and scheduled payments on existing debt, etc.; and Examples of expenses not eligible include: prepayment of existing debt, management bonuses, dividends, etc. The following types of organizations do not qualify for the CEBA: Government, or government owned organizations; Business owned by a person holding political office; and A union, charity, or religious organization, except to the extent that it, or an organization owned by it, generates a portion of its revenue from taxable sales or services as reported in a T2 or T3010 Tax Return.

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