The Government of Canada had recently announced its Canada Emergency Business Account to deliver much-needed financial relief by providing eligible businesses with access to a $40,000 loan.
Your organization may be eligible to enroll in the Canada Emergency Business Account through your bank. Here’s a quick overview, for more details please contact your bank:
Features of the Loan:
- This program will provide $25 billion in total funding consisting of interest-free, partially forgivable loans of up to $40,000 to small businesses and not-for-profits in all sectors and regions of Canada
- To qualify, organizations will need to demonstrate they paid between $50,000 and $1 million in total payroll in 2019
- To avail the loan, your business should not be a holding company
- It’s a $40,000 loan to help eligible businesses pay for operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity
- No interest may apply until January 1, 2023
- Until December 31, 2020, the Canada Emergency Business Account will be funded as a revolving line of credit for $40,000
- You have to submit your organization’s 2019 T4 Summary of Remuneration Paid to the Bank
- If you have more than one business owner, your bank may ask for more documents
To apply and for more information on this loan, please talk to your bank.