The new Canada Emergency Business Account (CEBA) is available starting TODAY and is available through major banking institutions: TD, Scotiabank, BMO, CIBC, RBC and National Bank.
The CEBA will provide qualifying businesses an interest-free loans of up to $40,000 to small businesses and not-for-profits until December 31, 2022, to help cover their operating costs during a period where their revenues have been temporarily reduced. Up to $10,000 of that amount will be eligible for loan forgiveness if $30,000 is fully repaid on or before December 31, 2022.
Organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019.
How do I apply?
Prior to applying, make sure you have the following information ready:
Apply online at the financial institution your business banks with: