This means your security and experience on this site might be hindered. Updating a browser is quick, allows you to experience the modern web, and keeps you safe. Update my browser now
Program will be expanded to:
• sole proprietors receiving income directly from their businesses
• businesses that rely on contractors
• family-owned corporations that pay employees through dividends rather than payroll
To qualify, these applicants with payroll lower than $20,000 would need:
• have a business bank account
• have a CRA business number, and to have filed a 2018 or 2019 tax return.
• have eligible non-deferrable expenses between $40,000 and $1.5 million. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance.
Will now be available to businesses with payroll between $20,000 and $1.5 million in 2019.
All the banks now have the application available online. Completing the application will take less than a minute. You might have to wait few minutes given the volume of applications.
You will need: Employer payroll account number and Box 14 on your T4 Summary.
How to Apply?
ONLY online at your bank's website. Calling your branch will not help. Applications for BMO start April 9th, other banks will be soon/ same.
Canadian Emergency Business Account
The CEBA will provide qualifying business customers with access to a $40,000 line of credit with:
Only customers who meet each of the following criteria are eligible for the program:
Per the requirements of the program as set out by the Government of Canada, customers will agree to use funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, debt service, insurance and property tax.
Scotiabank will be issuing a bulk email to apply digitally next week as will the other Canadian banks.
Current details from some of the major banks can be found here:
Our office is happy to help with any questions or issues.Contact Us