The expanded CEBA are available through Canada’s large banks tomorrow. More lenders, like credit unions, will be offering this product in the very near future. We know many small businesses have been waiting patiently in these trying times – help is on the way.

To sum it up for you and need to know I found these answers to my questions and links on the internet, which may also interest you.

How does the CEBA loan work?
If you are a qualifying small business customer, the CEBA program provides access to a $40,000 loan: 0% interest until December 31, 2022. … If the balance is not paid by December 31, 2022, the remaining balance will be converted to a 3-year term loan at 5% annual interest, paid monthly, effective January 1, 2023.

What can I pay for with my C E B A loan and eligiblity?
https://pm.gc.ca/en/news/news-releases/2020/05/19/prime-minister-announces-expansion-support-workers-and-small

According to the Government of Canada, funds from this loan can be used only towards operating costs that can‘t be deferred, such as payroll, rent, utilities, regularly-scheduled debt service, insurance, and property tax.

So what are non deferrable operating expenses?
Understanding Non–Operating Expense.
Non–operating expense, like its name implies, is an accounting term used to describe expenses that occur outside of a company’s day-to-day activities. These types of expenses include monthly charges like interest payments on debt but can also include one-off or unusual costs.

What is the CEBA?
The $25-billion program opened to applicants on April 9, and provides a $40,000 loan that is interest-free until Dec. 31, 2022

Is CEBA loan taxable?
In very simple terms, the CEBA loan is unlike all others you have seen before. Not only is it interest-free for 2.5 years, if you repay $30,000 within 2.5 years, you get a $10,000 “gift” from the government in the form of debt forgiveness. I would expect the $10,000 forgiven loan amount to be taxable.

Can you use CEBA to pay debt?
Terms of  Use– the borrower would not use the funds to repay existing debts, pay dividends, distribute or increase management compensation. It means that CEBA cannot be used to pay dividends or increase compensation to owner/managers.

What do you need to apply for CEBA?
To enroll in CEBA, you must provide the 15-digit CRA account number which is found on your organization’s 2019 T4 Summary of Remuneration Paid statement. If you do not have employees, you are not eligible for CEBA.

NEWS RELEASE (June 15, 2020), found on the government of canada site.
https://www.canada.ca/en/department-finance/news/2020/06/more-small-businesses-can-soon-access-the-canada-emergency-business-account.html

More to come on Self Employed Individuals who don’t pull a salary but may pull dividend. Can you apply for Small business loan of up to $40,000 and what you are allowed to use it for.

Food for thought! Interesting stuff!

Are you at risk of being de-rostered and what does this mean to you?

Did you know using a walk-in clinics frequently when you have a family doctor could cause him/her headaches. In turn you can be called in and advised that you would be taken off his/her roster.

So what does this mean. It is up to your doctor to explain to you the patient what using walk-in clinics means to him and you and how it will affect him. Click here for more (there is a link below that explains a little more)
or read on and click on the link below.

Signing an agreement as a patient and being rostered means the physician’s team commits to being available by phone and through extended office hours during evenings or weekends. 

As far as care, the doctor can continue to care for the patient after he/she is being de-rostered but the patient could no longer access the other services at the family health group, such as consultations with clinic dietitians or social workers, or take advantage of special health programs such as diabetes or diet management.

The article explains further how doctors should do a better job explaining this to their patients as they get dinged. The Government funds get clawed back each time a patient goes to a walk in clinic. Hospital visits do not fall into this and do not affect your doctor.

Patients do not understand what the ins and outs are and how walking into a clinic can mean head aches for their family doctor, unless it is has been explain.  As a patient we don’t know these things and cannot be expected to understand or have this knowledge unless it is explained.

Who knew.  Check this link below (Interesting read)

https://www.ctvnews.ca/health/why-your-walk-in-clinic-visits-could-mean-trouble-for-your-family-doctor-and-you-1.2775362