An extension to the Canadian Emergency Business Account program will allow for more local businesses in the Battlefords to apply, including farmers. (File Photo/battlefordsNOW Staff)

By Josh Ryan

CEBA Extension

Local businesses looking to apply for CEBA assistance

Sep 2, 2020 | 6:23 PM

More businesses impacted by the COVID-19 pandemic will have opportunities at government assistance, which comes as welcome news to the Battlefords.

The federal government announced the expansion and extension of the Canada Emergency Business Account program (CEBA), which will now run until Oct. 31. Given the status of programs formed during being extended, Linda Machniak of the Battlefords Chamber of Commerce said this came as no surprise.

“It’s good news,” she said. “It provides some longevity for folks. The ability to continue on.”

Launched back in April, the $55 million program offers interest free loans of up to $40,000 to small businesses and not-for-profits. Anyone who pays off the balance of the loan by Dec. 31, 2022 will have 25 per cent of it forgiven.

“They are allowing for some opportunity for people to do some really strong business,” Machniak said.

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Having this opportunity could become critical for businesses that have other loans run dry before the economy can recover. Machniak said for small business owners, this is particularly critical.

“If CERB winds down, or some of the other programs aren’t available, this may be an option for some of those small businesses,” she said.

The biggest plus for the region, however, is a number of businesses that couldn’t previously qualify, based on their accounts and staffing.

“So now that they do in this expansion, there may be others then that are able to take advantage and get the benefit,” Machniak said.

Many of those small business owners include farmers and the extension allows for those that aren’t on the corporate to properly go through the application process. Dallan Oberg of Holm Raiche Oberg Chartered Professional Accounts said being able to finish harvest will make a big difference.

“This allows them to get their information in and find the documents they need,” he said “Because it is quite a process to get all the information up on the website for CRA to approve it.”

This also helps businesses who don’t have the right designation for their business account. Oberg said there are plenty in the area that don’t have their finances separated in the manner that requirements have laid out, which means this extension gives them time to make changes.

“They run their personal and their farm or their small business out of their chequing account,” he said. “So that limits quite a few people as well.”

However, Oberg said each individual sector will be affected differently heading into the winter and hopes that further measures will be coming along for small businesses.

“The expanded version where they have these non-deferrable expenses is a great thing,” Oberg said. “But not everybody has $40,000 in non-deferrable expenses, while still needing support.”

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josh.ryan@jpbg.ca

On Twitter: @JoshRyanSports