CEBA

[AlbertaFarmer5]

So there is no criteria for proving hardship due to Covid ? We won't have to pay it back with penalties and interest We can't prove that we had hardship due to COVID? My banker doesn't seem to think this could happen.

[tweety]

So there is no criteria for proving hardship due to Covid ? We won't have to pay it back with penalties and interest We can't prove that we had hardship due to COVID? My banker doesn't seem to think this could happen.

The hardship thing is not valid:

What are the eligibility requirements for the CEBA?

The Borrower is a Canadian operating business in operation as of March 1, 2020.
The Borrower has a federal tax registration.
The Borrower’s total employment income paid in the 2019 calendar year was between Cdn.$20,000 and Cdn.$1,500,000. For applicants with Cdn.$20,000 or less in total employment income paid in the 2019 calendar year:
The Borrower has a Canada Revenue Agency business number and has filed a 2018 or 2019 tax return.
The Borrower has eligible non-deferrable expenses between Cdn.$40,000 and Cdn.$1,500,000. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance. Expenses will be subject to verification and audit by the Government of Canada.
The Borrower has an active business chequing/operating account with the Lender, which is its primary financial institution. This account was opened on or prior to March 1, 2020 and was not in arrears on existing borrowing facilities, if applicable, with the Lender by 90 days or more as at March 1, 2020.
The Borrower has not previously used the Program and will not apply for support under the Program at any other financial institution.
The Borrower acknowledges its intention to continue to operate its business or to resume operations.
The Borrower agrees to participate in post-funding surveys conducted by the Government of Canada or any of its agents.

[furrowtickler]

Easiest 10k ever. Online with Scotiabank - or any bank, fill in your BN, 2019 taxable income, scan a couple documents that show you had 40k in expenses, hit upload in the page to the program. Use rent, interest, Crop ins, whatever.

Spend the money and don't repay till December to qualify for the 25% grant. Grant is based on borrowed amount so if you pay back 20k before December you only get 5k grant, don't do that.

Lol , do you actually think this is a good thing ?
Holy *** , our kids will be paying for this “windfall” for decades
WHo the *** is going to pay for this crap ??
90% of the people , obviously like you , don’t need a red cent . But free money let’s take it
Pandora’s box now wide open on our kids and grandkids .
Feel proud of yourselves

[furrowtickler]

Someone, sometime is going to pay dearly for this
And Canada only made the majority of its wealth from natural resources which the liberals have completely ***ed over .
Makes me sick to think of it

[macdon02]

Fwiw, this might be the last "loan" we ever get. Just my opinion. The govt might not be able to borrow again. Sounds weird, but how far do they have to go, to get over the edge

[dalek]

Fwiw, this might be the last "loan" we ever get. Just my opinion. The govt might not be able to borrow again. Sounds weird, but how far do they have to go, to get over the edge

We’re kind of in the territory of “we’re going to have to pay for it for the rest of our lives whether we take it or not so we’d better take it and use it to prepare for the coming shitstorm”

[GALAXIE500]

Unless you can certify "charity" status, meaning you have held a liberal pre election booster club event. It might be best not to apply.

Yes that is well said. I was thinking about applying for it , strictly to update a few peices of machinery, but as a sole proprietor , do I qualify? I am of the opinion that the less the Govt. ( especially this one ) knows about our farm operation the better ! We will keep rolling without it .

[farmaholic]

I woùldnt worry about the money you receive from any program,, it's all the money that other people are getting that have no ways, means or requirements of ever paying it back that will hurt us.

There is a difference.

[bucket]

FFS you guys.... there are wannabe irrigation farmers that are going to get the governments to stick a million dollars a quarter into their farm and zero ROI to the taxpayer.....

And you are bickering about 40000 for a sole proprietor. ..take the money for phuck sakes....

There are farms with so many numbered companies on it that they are receiving multiple times the 10000 free money....they will get 40000 or more in free money ....while some guys can't get the 40000 for the same number of acres. ...

[tweety]

Someone, sometime is going to pay dearly for this
And Canada only made the majority of its wealth from natural resources which the liberals have completely ***ed over .
Makes me sick to think of it

You and I are going to pay dearly for this, and it will be in the 2020 income tax filing. So at least get 10k up on it and spend it on something special to enjoy this short time on the planet we have.

Open your hand and take the money.

[farmaholic]

July 23 Western Producer reports there has been 690,000 approved applications for the $40,000 CEBA loan.

That's 27.6 billion loaned out of which 6.9 billion is supposed to be forgiven if $30K per applicant is paid back on time.

How much of the $30K per applicant will never be paid back...... EVER.

Probably not too many farms compared to other businesses are part of the 690,000 applicants.

That's alot of economy stimulating helicopter money being thrown around, and that doesn't include all the other Covid -cash programs.

SCARY.

[wmoebis]

July 23 Western Producer reports there has been 690,000 approved applications for the $40,000 CEBA loan.

That's 27.6 billion loaned out of which 6.9 billion is supposed to be forgiven if $30K per applicant is paid back on time.

How much of the $30K per applicant will never be paid back...... EVER.

Probably not too many farms compared to other businesses are part of the 690,000 applicants.

That's alot of economy stimulating helicopter money being thrown around, and that doesn't include all the other Covid -cash programs.

SCARY.

What happens if the business goes bankrupt or closes permanently before this is all over? I can see it happening maybe is already.

[furrowtickler]

July 23 Western Producer reports there has been 690,000 approved applications for the $40,000 CEBA loan.

That's 27.6 billion loaned out of which 6.9 billion is supposed to be forgiven if $30K per applicant is paid back on time.

How much of the $30K per applicant will never be paid back...... EVER.

Probably not too many farms compared to other businesses are part of the 690,000 applicants.

That's alot of economy stimulating helicopter money being thrown around, and that doesn't include all the other Covid -cash programs.

SCARY.

Exactly, and there is a lot of people who absolutely don’t need this money but are taking it , Tweety comes to mind .
This will completely screw our kids and grandkids.
But hey RV dealerships smiling ear to ear right now .
Have fun while it last , this will cost us all for over a decade

[furrowtickler]

We all complain about politicians being pigs at the trough taking taxpayers money ... most of this is no different.

[farmaholic]

Seems Covid might be used as an excuse to prop up what may have already been a floundering economic environment before the virus actually hit.

In the loooong run, this will have more of an economic impact than a health impact.
People are going to die, but all we've done is postpone some inevitable casualties of it.