The CEBA is a government-guaranteed loan of $40,000, designed to help small business owners meet their immediate cash flow
Scotiabank announces the launch of its application process for the Canadian Government’s new Canada Emergency Business Account (CEBA), effective April 9th, 2020. The application process will be available via the Scotia mobile banking app and Scotia online banking for Scotiabank Small Business Banking customers, and through their respective relationship managers for Scotiabank Commercial Banking customers.
“As COVID-19 impacts businesses and communities across the country, Scotiabank will continue to be here for our business banking customers. We know the stress COVID-19 has caused for many business owners across Canada, which is why Scotiabank remains committed to making sure our business banking customers can access these funds as quickly as possible,” said Dan Rees, Group Head, Canadian Banking. “The Canada Emergency Business Account will provide much needed relief for Canadian small businesses to help manage and sustain their operations through this difficult time.”
Consistent with program requirements set by the Government of Canada, customers and clients must agree to use funds from this line of credit to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, and property tax. Businesses and not-for-profits will be eligible to apply for this program from Scotiabank if they have An operating company registered in Canada;
Annual payroll of between $50,000 and $1,000,000 (based on your 2019 T4SUM Summary of Remuneration Paid); and
Scotiabank as their primary bank. This means that the business uses a Scotiabank Business Operating Account (opened on or before March 1, 2020).
For full eligibility criteria and further details, please visit Scotiabank.com/SmallBusinessRelief for Scotiabank Small Business customers and Scotiabank.com/CommercialRelief for Scotiabank Commercial Banking customers.
Source: Company Press Release