Eliminate 20k requirement for CEBA Loan Program

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Sign the petition to ask the Finance Ministry and Government of Canada to eliminate the $20,000 requirement for the CEBA loan program intended for small businesses struggling with financial impact of COVID-19. According to CBC news, Canada has more than 1.1 million small businesses, employing about 8.3 million people contributing roughly 40% of Canada’s entire economic output. The loan requires businesses to have paid up to $20,000 in salaries last year but a lot of small businesses (sole proprietors, self employed and unincorporated individuals) may have small employees on a very small payroll. There are also individuals (Consultants, shop keepers, florists, hair salons, beauty salons, and coffee shops) who have incorporated their businesses who pay themselves on dividends instead of salaries. For many, the business income is too low to afford a payroll of up to $20,000 therefore too low to qualify for a CEBA loan. Many of these businesses have been forced to close down due to COVID-19 with revenue gone down to $0. These businesses may need assistance to cover operational expenses that are still accumulating and may never recover if unable to qualify for aid or support. The Government can assist these businesses by eliminating this requirement and as such open up opportunities for these businesses to survive. Instead, In order not to be abused, lets ask the business applicants to show their most recent proofs of revenue and expenses: (1) bank statement in the last 6 months or since they prove their most recent income; (2) bills, requests for payments/ mortgages... (also noted in bank statement) to prove their recent/ current expenses. So, you can choose to help them with paying their commercial rent or some money like the $40k loan as introduced.