All You Need to Know About CEBA— the Canada Emergency Business Account

All You Need to Know About CEBA— the Canada Emergency Business Account

CEBA has been extended to October 31, 2020, making the program accessible longer to Canadians.

Are you the owner of a small-to-medium-sized business, sole proprietor, family-owned corporation, or non-profit who has lost income due to COVID-19? Then it sounds like you should be looking into CEBA, the Canada Emergency Business Account.

“What is CEBA, Exactly?”

Originally created in early April of 2020, CEBA is a $55 billion government-led program “intended to support businesses by providing financing for their expenses that cannot be avoided or deferred as they take steps to safely navigate a period of shutdown, thereby helping to position businesses for successful relaunch when the economy reopens.”

The condensed version? CEBA provides repayable interest-free loans of up to $40,000 CAD, with a 25% loan forgiveness of up to $10,000 CAD if repaid on or before December 31st, 2022.

“How Do I Know if My Business or Non-Profit is Eligible for CEBA?”

At the time of publication, you are eligible for CEBA if:

  • You are a small business (even if you don’t have a payroll), non-profit, sole proprietor, or a family-owned corporation that has been in operation since March 1st of 2020
  • You are able to supply a 2018 or 2019 tax return if you made under $20,000 CAD or less the previous year
  • You have a business account at a Canadian bank and a Canada Revenue Agency number
  • You have proof of non-deferrable expenses of between $40,000 CAD and $1,500,00 CAD in 2020 before March 1st (and, if non-deferrable expenses have occurred past the March 1st deadline, proof that they were non-deferrable due to contractual or legal reasons)

Refer to the Canadian government’s latest update on CEBA eligibility before applying due to potential updates or amendments to the list.

“What Are Examples of Non-Deferrable Business Expenses?”

We’re glad you asked! CEBA’s list of eligible non-deferrable business expenses include:

  • Business-related lease or rent payments
  • Business-related utility payments
  • Business-related insurance or property tax payments
  • Business-related payments for license renewals, authorizations, or permissions
  • Wages and business-related payments to third parties for services rendered

“Great! So How Do I Apply? When’s the CEBA Deadline?”

Depending on which bank you’re with, there will be a portal set up for you to fill out your CEBA application; simply Google “‘My Primary Financial Institution’ CEBA Application” to be directed there.

Once your application is filled out and deemed eligible, your funds will be automatically deposited into your account within seven business days.

While the current CEBA application deadline has been extended to Oct. 31st, it is recommended that you verify that no further postponements or rescheduling has occurred before submitting your application.

Know of a business owner who should be filling out their application as we speak? Be sure to share this blog so they don’t miss out on (likely) much-needed financial relief!


The Best of B.C.’s Business Podcasts

The Best of B.C.’s Business Podcasts

Let’s face it: when business owners like us aren’t busy wading through the time-soup that 2020 has become due to COVID-19, we’re on the hunt for relevant educational content to keep us on top of our game. And many business owners’ content form of choice? Podcasts, of course!

With many entrepreneurs having an abundance of free time, it can feel like everyone and their dog has a business podcast… which begs the question: how do you narrow down which ones are worth tuning into, and how do you track down which ones are still publishing quality content in 2020?

Luckily for you, we here at Time2GetOnline have narrowed down our top picks for business podcasts producing great content in 2020. The bonus? To encourage other business owners to #supportlocal, each of these picks are based right here in British Columbia.


#1: The Business Intelligence for B.C’s weekly half-hour podcast, BIV Today

Having first aired in February 2016, The Business Intelligence for B.C’s weekly 30-min. podcast, BIV Today, is one of the longest-running podcasts on this list.

Orbiting around topics that impact business in both Vancouver, where the organization is based, and B.C as a whole, BIV Today airs Monday to Friday every week in an effort to keep Canadian business owners informed on relevant current events.

BIV Today is split into interviews with top Canadian CEOs, their resource-providing “BIV Presents” series (which tackles topics such as ideas for start-ups and avoiding employee burnout), and current event coverage (such as the current landscape of remote working due to COVID-19) in order to provide business owners with the full spectrum of happenings in the sphere of Canadian business.

#2: Canada’s Podcast, “Canada’s #1 Podcast for Entrepreneurs by Entrepreneurs”

Canada’s Podcast prides itself on being an interview-based podcast centering on entrepreneurs in British Columbia, Alberta, Ontario, and Quebec. 

Founded out of a desire to “build a national brand podcast”, Canada’s Podcast has created a community for like-minded entrepreneurs and business owners who are highly knowledgeable when it comes to all things pertaining to helping businesses thrive. Recent interviews have included topics on sales, coaching, common business pivots throughout 2020 so far, and COVID-19 relief for business owners.

#3: Michael Hyatt & Co.’s Lead to Win

Another weekly podcast, coaching company Michael Hyatt and Co. releases their podcast, Lead to Win, every Tuesday. Their catchphrase? “Subscribe for actionable insights to help you win at work, succeed at life, and lead with confidence”. Sounds promising, right?

Geared towards team leaders and business owners who are looking to reshape their mindset for the better, Lead to Win delivers exactly what it says on the tin: bite-sized instructional offerings that aim to guide listeners to lead more effectively in their workspace and take those teachings with them to benefit them in other parts of their life as well. Whether it be tools for remote working, habits of successful leaders, or improving aspects of yourself like public speaking skills, Lead to Win has you covered.


#4: The Startup Podcast by Startup Canada

The Startup Podcast is a “grassroots, entrepreneur-led movement to bring together, celebrate, and give a voice to Canada’s entrepreneurship community.” 

Focusing on the future of business within Canada, The Startup Podcast shares insights on actionable topics such as investing, handling industry disruption, and best practices for elevator pitches.

#5: The Capital Daily podcast by Capital City News Group

If Victoria is your hometown and you’d like a quick sound byte or two to stay connected with what’s going on in the Capital region, the Capital Daily Podcast is the podcast you’re looking for.

There’s a fair bit of politics, with a smattering of other regional news, including local artists, and hard-hitting journalism features, such as “The fascinating lives of Victoria singles dating into their 80s

Did we miss your fav podcast? Leave us a note and we’ll make an effort to listen to it soon.

Update: Right after sharing this article, we were introduced to another podcast bringing something all business owners truly need more of: sleep. Check out the WikiSleep Podcast from Adrien Sala, and give yourself some time to rest. 

Article from Emma Sloan, Social Media Manager and Content Writer