Canada Emergency Business Account

The CEBA is designed to support small business owners in meeting their immediate cash flow needs and includes:

  • $40,000 interest-free, government‑guaranteed loan to help pay for operating costs that can’t be deferred as a result of COVID‑19.
  • $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is fully repaid on or before De‍cember 31, 20‍22.
  • If the loan cannot be repaid by De‍cember 31, 20‍22, it can be converted into a 3‑year term loan at an interest rate of 5%

Businesses and not for profits will be eligible to apply for this loan if they have :

  • An operating company registered in Canada;
  • Annual payroll of between $50,000 and $1 million (based on your 2019 T4SUM Summary of Remuneration Paid)

HOW TO APPLY & WHEN WILL YOU GET THE LOAN:

To be ready to apply for a CEBA as soon as it becomes available,
    • Owners should ensure they have registered Online Banking for Business and have their T4 Summary of Renumeration Paid available to supply key information for their application
    • The loans are available beginning the week of April 6th .

Businesses and not for profits will be eligible to apply for this loan :

    • An operating company registered in Canada;
    • Annual payroll of between $20,000 and $1.5 million (based on your 2019 T4SUM Summary of Remuneration Paid);

HOW TO APPLY & WHEN WILL YOU GET THE LOAN

  • Owners should ensure they have registered for Online Banking for Business and have their T4 Summary of Renumeration Paid available to supply key information for their application
  • The   loans are available beginning the week of April 6th.
  • The application date has not been announced yet.
  • Once the loan is processed, funds will be deposited directly to the Business Operating Account.

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