The federal government is offering more farmers access to the Canada Emergency Business Account by allowing those who have not had a business bank account to qualify if they now open one.
“This has been an important ask from farmers and will help ensure the financial strength of the thousands of small agricultural businesses across the country,” said a news release from federal Agriculture Minister Marie-Claude Bibeau.
This follows the October 9th announcement that increased the limit to $60,000 and doubled the non-repayable forgivable portion to $20,000.
This change will add to the more than 85,000 farm businesses that will have access to interest-free CEBA loans. If everyone applies, it will add up to $5.1 billion – one-third of which – i.e. $1.7 billion - is forgivable, the government said.
All of which pales in comparison to what U.S. farmers are getting from their federal government.
