Make the Canadian Emergency Business Account (CEBA) Loans Accessible to Small Businesses!

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Make the Canadian Emergency Business Account (CEBA) loans accessible to all small businesses!

Dear Prime Minister Trudeau, 
Minister of Finance Mr. Morneau, 

Under the current regulations, a large number of small businesses do not qualify for the CEBA loans solely based on the payroll stipulation which states, a business must pay $20,000 to 1.5 million in payroll in the year 2019. 

Many small businesses or micro businesses including myself are one person or family owned/operated who pay themselves in dividends not in payroll.
I work in a building where there are four separate businesses, all one person owned and operated. Under the current guidelines, none of us are eligible to apply for the CEBA loans because we pay ourselves in dividends. I've spoken to many small business owner who cannot apply for this loan because of the payroll stipulation.

According to an article in the Toronto Sun, April 14th, written by Kevin Connor, This one particular stipulation is effecting so many across the country. 
Mr.Connor writes, The Canadian Federation of Independent Business (CFIB) did a poll early April which shows 1-5 businesses are too small to qualify for the Federal Emergency Loans. CFIB also states nearly 80% of small businesses are fully or partially closed due to Clovid 19 with little or no revenue coming in, while bills continue to pile up. 

Here are 10 things you probably didn’t know about small and medium-sized enterprises (SMEs) and their impact on Canada’s economy.

According to an article on the Business Development Bank of Canada (BDC) website, there are almost 1.1 million small and medium enterprises (SMEs) in Canada.

  • More than half (55%) have fewer than 4 employees.
  • Only 1.6% are medium-sized businesses.
  • Small businesses employed almost 69.7% of private sector workers in 2012, or 7.7 million people across the country.
  • In the 2002 to 2012 period, small businesses were responsible for 77.7% of all jobs created in the private sector. Small businesses created around 100,000 jobs each year on average.
  • SMEs represent 54.2% of the economic output produced by the business sector (in 2005).
  • 90% of exporting companies have fewer than 100 employees, but produce 25% of the total value of Canadian exports.
  • The largest number of SMEs are in the wholesale trade and retail sector (18.8%).
  • Fewer than one out of four Canadian SMEs invest in research and development (R&D).
  • Only half of new firms (51%) survive their fifth year of operation.

Source: Innovation, Science and Economic Development Canada.

By these stats, if small businesses represent over 54.2% of the economic output produced by the business sector, employing over 7.7 million Canadians, my concern and I'm sure so many other businesses concern across the country, without this revision, a large number of us will have to close our doors for good and with that creating a large hole in the Canadian economy. 
I'm appealing to you Prime Minister Trudeau and Minister Morneau to revise the CEBA loan guidelines so that small business owners like myself are eligible to apply.

Thank you for your consideration.


Jenepher Reynolds, Business Owner