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Results: 1 - 15 of 17
View Alain Rayes Profile
CPC (QC)
Mr. Chair, one month ago, the Prime Minister announced with great fanfare that the eligibility criteria for the $40,000 emergency loans for businesses would be more flexible to help self-employed entrepreneurs and businesses that pay themselves dividends to have access to them.
However, as of today—it has been four weeks since that announcement—businesses are still banging their heads on the doors of their financial institutions. They do not have access to the information because it is not available on official websites. In addition, even senior officials confirmed to me during a technical call on June 2, last Tuesday, that this information would not be available for several weeks.
Can the Minister of Finance, who says he wants to act quickly to help our businesses, explain why, after four weeks, it is still not possible to get the information the Prime Minister promised us from his doorstep?
View Mona Fortier Profile
Lib. (ON)
Since the beginning of the COVID-19 pandemic, we have been listening and responding to small businesses and entrepreneurs across the country.
In fact, we have even announced the expansion of the program's eligibility criteria to include many owner-managed small businesses with payrolls of less than $20,000. The new criteria have forced financial institutions to adapt to be able to provide this program to new applicants.
We are working around the clock to ensure that we are able to promptly provide small businesses across the country with the assistance they need.
View Joël Godin Profile
CPC (QC)
Mr. Chair, on May 19, the Prime Minister announced during his daily press conference that his government would take additional measures to help businesses that still needed assistance. The Prime Minister said that he would expand the Canada emergency business account, or CEBA, to include family-ownded SMEs that prefer dividend income over salary income.
More than two weeks after his announcement, SMEs are still waiting for this promise to be fulfilled. I'd like to remind the government that this isn't an election campaign. We're in a crisis, and urgent action is needed.
When will the program be fixed?
View Mary Ng Profile
Lib. (ON)
Mr. Chair, I thank the honourable member for that really important question. Indeed, those small businesses he has described are very important to our country.
As of now, over 650,000 small businesses have accessed the Canada emergency business account. The member is absolutely right that we need to make sure that additional support is provided to those additional businesses that now qualify. We're working very hard to make sure that support is there for businesses, and very soon they will be able to get that support through their financial institutions.
View James Cumming Profile
CPC (AB)
Unfortunately, “lots” is not an answer for the businesses that I'm trying to talk to.
Can you tell me, for the CEBA changes that were recently announced, when will we be able to see people who have income through a dividend able to apply?
View Mary Ng Profile
Lib. (ON)
That's a very important question, Mr. Chair.
There's nothing more important to me and to our government than getting these supports out to businesses. Those small businesses that will meet the expanded CEBA criteria are working very diligently with the financial institutions to make sure that they can get access to those loans as quickly as possible.
View Pat Kelly Profile
CPC (AB)
Will the government fix the CEBA program to include businesses that pay owner-operators through dividends?
View Bill Morneau Profile
Lib. (ON)
Mr. Chair, I think the language “fix” is incorrect, for more than 500,000 businesses have received this loan. Of course, we are always endeavouring to make sure it works for as many businesses as possible.
View Paul Manly Profile
GP (BC)
Thank you, Mr. Chair.
I'd like to thank the government and ministers present for the rapid relief that they've provided to Canadians. I know the constituents in my riding really appreciate that. I'd like to thank them also for being responsive to the MPs who have brought forward gaps in the program.
The CERB requirements recognize dividend income for eligibility for the Canada emergency business account, CEBA, but the Canada emergency business account does not recognize dividends or contract payments. I've been contacted by many small business owners who have been legally paying themselves with dividends for years, but these companies cannot apply for the CEBA even though this might save them from bankruptcy during this crisis.
Will the government make the necessary changes to allow dividend income to be admissible for CEBA eligibility?
View Navdeep Bains Profile
Lib. (ON)
I'd like to thank the honourable colleague for his very thoughtful question and his advocacy in looking for different solutions and in working with us to help small businesses, not only in his riding but across the country as well.
He's absolutely correct that the Canada emergency business account has been successful, as 590,000 loans have been issued. That's a reflection of some of the changes that we introduced, which made the criteria more generous so that more businesses could obtain assistance.
He has raised the issue of dividends. As I said before, we continue to work with Canadians and Canadian businesses and colleagues in this House to see how we can assist more Canadians, not less of them, and we'll continue to endeavour to do that.
View Richard Martel Profile
CPC (QC)
Mr. Chair, owners of sole proprietorships and partnerships such as farms, day cares and hair salons are largely paid through dividends or income splitting. These businesses still aren't eligible for the Canada emergency business account.
Since the government recognizes dividends as qualifying income under the Canada emergency response benefit, does it plan to change the eligibility criteria so that these businesses can apply?
View Mona Fortier Profile
Lib. (ON)
Mr. Chair, our government recognizes that sole proprietorships are good businesses that provide good jobs for Canadians, and we have introduced measures to help them cope with the crisis, including providing access to cash at this difficult time. We will continue rolling out programs that support sole proprietorships.
View Gérard Deltell Profile
CPC (QC)
Thank you, Mr. Chair.
I thank the minister for her answer and I congratulate her on the quality of her French. I also want to assure you that, when she uses the English word jobs, all francophones understand what she is talking about.
I would now like to put a question about business owners to the Minister of Finance.
Some business owners do not pay themselves a salary, but receive dividends instead. The government had a bit of a problem at the beginning of its proposals to help business owners, and that problem has been corrected, but not entirely. Among other things, there is the issue of access to the $40,000 loan. Even this morning, I met a business owner who did not have access to that contribution because he was paying himself a salary in dividends.
What does the government say to a business owner who pays himself in dividends, but does not have access to the $40,000 loan contribution, as it is proposed for other types of business owners?
View Bill Morneau Profile
Lib. (ON)
Thank you, Mr. Chair.
This is indeed a different situation. In emergency benefits, dividends are included in the calculation for business owners who use dividends. Our approach concerning rent is more of an approach for small businesses who need it. There will be a number of measures to help people in various situations. [Technical difficulties] consider our approach regarding loans. We will have more information on this over the coming days.
View Marty Morantz Profile
CPC (MB)
Thank you, Mr. Chair. I'm delighted to be part of this meeting. It has been a very interesting conversation.
My question, through you, is for the Minister of Finance.
I would like to circle back to something my colleague Mr. Deltell raised with the minister earlier in the meeting. It has to do with the eligibility of dividends as payroll to be eligible for the $40,000 CEBA loan. My understanding is that they are not currently.
I thought I heard the Minister of Finance say, though, that they were. I would like a simple answer. Can business people who pay themselves solely in dividends be eligible? Are they eligible for the CEBA or are they not? It's a yes or no question.
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